City of Chicago Alderman Walter Burnett (27^th Ward) has proposed an ordinance that would require the City to set aside an amount equal to at least 20% of the aggregate tax increment revenue collected from all TIF districts in the City in a fiscal year for affordable housing projects.  The Ordinance would require that at least 40% of the housing units constructed or preserved with the funds obligated by the City be affordable to households at or below 30% of the Chicago area median income, or approximately $22,600 for a family of four.

A joint City Council Committee on Housing and Finance debated the proposed ordinance earlier this month, however no vote was taken.  During the joint committee testimony, Aldermen debated the enforcement mechanism for such a requirement, whether there are sufficient developers in the City to build the amount of affordable housing that would be funded with a 20% set aside and whether neighborhoods without TIF districts would be eligible to receive a portion of the affordable housing funding.

This entry was posted on Monday, July 19th, 2010 at 4:19 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.