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Industry News

12 Jul 2022

Mayor Lightfoot Calls for More Investment in Affordable New Construction

Mayor Lightfoot Calls for More Investment in Affordable New Construction

Chicago Mayor Lori Lightfoot took her affordable housing plan a step further in late June, requesting an additional $69 million in funds — this comes after a $1 billion investment in the program from the city in December.

At a city council meeting on June 22, Lightfoot proposed earmarking roughly 400 future mixed-use units as affordable housing; the measure is up for approval by the council on July 20.

If passed, those developments would be partially funded by the city’s revenue bonds. The plans include a 58-unit building in Auburn Gresham and a 28-unit building in Uptown. Those new construction properties would receive $6 million and $3.5 million from the city, respectively.

Another of the mayor’s proposals aims to preserve the Barbara Jean Wright Apartments: a 272-unit building located at 1354 S. Morgan St. in University Village. In order to finance its rehabilitation, the city may issue a bond inducement of up to $45 million in Multi-Family Housing Loan Funds.

Read more on Chicago Agent Magazine

 

                                                                                                                        

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