But given Chicago’s history of multimillion-dollar deals that have provided taxpayers with virtually nothing of value - that infernal parking meter deal being chief among them - on balance, we can live with this proposal. General obligation bonds - debt - will provide $660 million in financing.Īnd with city approval, developers will be able to use federal low-income tax credits to subsidize construction costs.Īdmittedly, there’s a big caveat: We’re not terribly fond of the city sending itself two-thirds of a billion further into debt. A different approach to affordable housingĪ mix of revenue sources will be used to pay for the plan, which the Lightfoot administration billed as the largest affordable housing initiative in the city’s history.įunds from the federal American Rescue Plan will cover $567 million of the cost. This program stands to play an important role in correcting that wrong.
As downtown and its surrounding neighborhoods have become havens of upscale new high-rises and townhouses - much of it subsidized with public tax increment financing - the need to build affordable housing has been given the relative short shrift.
“We envision a city where every resident, no matter age, income, identity, ability, has the opportunities and the resources to lead comfortable lives in the communities they call home,” Mayor Lori Lightfoot said in announcing the program.