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Chicago to invest $300M in affordable housing
Chicago officials announced a more than $300 million investment in affordable housing developments that will create or maintain more than 1,200 units across the city.
CHICAGO - Chicago officials announced a more than $300 million investment in affordable housing developments that will create or maintain more than 1,200 units across the city.
During a Wednesday news conference, Mayor Brandon Johnson and officials from Chicago Department of Housing said the funding will support 15 projects selected through the city’s 2025 Qualified Allocation Plan, which governs access to federal Low-Income Housing Tax Credits and local assistance.
The developments are expected to create or preserve 1,223 rental units, including 1,164 designated as affordable.
What they're saying:
"Today we take a transformational step forward in our mission to make ‘housing as a human right’ a reality for every Chicagoan," Johnson said. "Each unit we build empowers families to plant their roots in our city while increasing the ability for long-time residents to stay in their communities."
By the numbers:
The plan includes a mix of new construction and preservation efforts, with 12 new developments creating 798 units and three rehabilitation projects maintaining affordability for 425 existing units.
More than one-third of the units will be family-sized, and some will be reserved for households earning as little as 30% of the area median income. The initiative also includes senior housing and developments near public transit.
The total cost of the projects is estimated at $711 million, combining public funding with private investment through tax credits. Officials said the financing structure will help ensure at least 30 years of affordability for tenants.
The Source: The information in this report came from the Chicago Department of Housing.