Affordable Housing Project in Works

The City of Superior is putting $350,000 in funding towards a future affordable housing project.

SUPERIOR, Wis. – The City of Superior is putting $350,000 in funding towards a future affordable housing project.

Superior is able to finance this fund through the closure of one of its tax increment districts.

State statute allows the city to capture one final year of revenue when they close one of these districts and put it towards affordable housing.

Because the city does not have a project yet, it plans to create the fund to attract a new developer.

“It’s very new and nobody in the city has ever created or used this money for affordable housing before,” said Superior Mayor Jim Paine. “So this is a change for us to take the economic benefits of a growing and prosperous city and make sure it’s working for everybody.”

There are a couple of options the City of Superior can go ahead with.

The first is talking to the developers it is already in contact with about the funds and about building.

The second is to put the project out for bid for the best affordable housing project.