Session 2: BIDs and NIDs – Overview & Outlook
Held on October 20th, this session featured a primer on an established tool for community and economic development: BIDs and NIDs (business and neighborhood improvement districts). They continue to evolve to meet the needs of local neighborhoods, support commercial corridors, and shape the fabric of Milwaukee.
Just over 40 people attended and learned about the Harambee NID, which has been operating since 2016 and has a homeowner repair program, the Crisol Corridor BID and their Cluster Grant Program, and gained a bit of knowledge about special purpose BIDs. This event was held in partnership with the City of Milwaukee Department of City Development Commercial Corridors team. View slides here>>
PRESENTERS:
- Ken Little, City of Milwaukee Neighborhood Business Development Manager
- Matt Rejc, City of Milwaukee Commercial Corridor Manager
- Sally Svetic, City of Milwaukee Economic Development Specialist
- Cordella Jones, Harambee NID #7 Board Chair
- Leif Otteson, Cristol Corridor BID #50 Executive Director
- Dan Adams, Kinnickinnic River BID #35 Board Member
Session 1: Special Purpose Credit Programs (SPCPs)
Nearly 40 people joined us on September 13th to learn about SPCPs, an established tool that promises to bridge homeownership and wealth gaps across America. Earlier this year, an interagency statement on the SPCP provision clarified how lenders can structure and offer an SPCP and HUD issued guidance addressing compliance with Equal Credit Opportunity Act, Regulation B, and the Fair Housing Act. Together these changes have led to increased interest and investment in SPCPs. Our session featured expertise and discussion from:
- Brad Blower, General Counsel, National Community Reinvestment Coalition (NCRC)
- Geoff Cooper, Vice President – Product Development, Mortgage Guaranty Insurance Corporation (MGIC)
- Gabe del Rio, President & CEO, Homeownership Council of America (HCA)
- Letticia Flores Poole, Vice President & Co-Head, BMO for Black and Latinx Businesses, BMO Harris Bank
- Moderator: Carol Maria, Community Affairs Specialist, FDIC
Attendees heard an overview of what SPCPs are, how they are being used, and about the impact of new federal guidelines. Additionally, our speakers talked about the importance for lenders to develop SPCP plans and the newly released online toolkit for mortgage lenders from the National Fair Housing Alliance (NFHA) and Mortgage Bankers Association (MBA). We are excited to work with the UEDA network as we see SPCPs emerge. View the recording and slides here. |
