Description

Could We Use our Real Estate Skills to Make Workforce Housing Work? 

Date: Tuesday, April 23, 2024 

Time: 4 - 6 PM at Michael, Best & Friedrich, 790 N. Water Street, Suite 2500

We all agree we need Workforce Housing, and that conventional development costs require an end rent that is priced out of this market. What is the reality about construction and development costs that result in this mismatch? What are the programs our City, our State, and other Cities and States are trying, to make Workforce Housing affordable, and which of these programs do and don’t fit into the normal commercial real estate system, or are not workable from a construction cost perspective. Issues include: - Are construction costs, including permits and hook-up fees contributing to per unit development costs that price rental units out of the market? -The Wisconsin legislature created new loans for WFH: do they fit into the capital stack? How would they be seen by a construction lender or underwriter? How and when would they be paid back? -Some States have tried to help develop WFH by eliminating single family zoning; others have tried to require more density; one State tried to put a right of first refusal, in favor of the State, on every multi-family property. How would these efforts help or hurt development of WFH? -What types of government assistance would be useful? NAIOP’s efforts to encourage the City of Milwaukee to change its TIF policies; donation of underused land? Condemnation? Grants for extension of utilities? 

Speakers: Nancy Haggerty and Michelle Ebben from Michael, Best Real Estate department Lauren Triebenbach from Michael, Best construction department Matt Cool, Director of Milwaukee Operations, Stevens Construction

Annual sponsors: please email katie@naiop-wi.org to register using your complimentary tickets.