Daley unveils $343 mil affordable housing plan

Daley unveils $343 mil affordable housing plan

Mayor Daley, CHA CEO Terry Peterson and other city officials Tuesday announced a $343 million affordable housing investments program targeted for families and the elderly.

During a press conference held at the Archer Courts Apartments, 2242 S. Princeton Ave., Daley, who was joined by a number of aldermen including Alds. Toni Preckwinkle (4th), Arenda Troutman (20th), Walter Burnett (27th), Ray Suarez (31st), Billy Ocasio (26th), Ike Carothers (29th), Emma Mitts (37th), Madeline Haithcock (2nd), Carrie Austin (34th), and others, said the $343 million in affordable housing investments will be in neighborhoods citywide.

The funds are a combination of tax credits, city money, bond financing and developer equity. The mayor said these funds will pay for 26 multi-family developments needed to create a total of 2,385 units for low-income families, seniors, people with special needs and CHA residents

"These developments will go a long way toward making many Chicago neighborhoods affordable for thousands of families and individuals with limited incomes who struggle each day to make ends meet," Daley said.

He and Housing Comm. John Markowski said the projects were selected from among 43 proposals through a competitive selection process and that the winners will receive a portion of the city's 2001 tax credit allocation.

"Choosing was difficult," Markowski admitted, "because all the proposals were very good. The quality of these proposals shows that the development community is strongly committed to helping the city achieve its affordable housing goals."

According to Markowski, of the 2,385 units, 1,250 will house families including 287 earmarked for CHA families, 916 units will house seniors, and 219 units will serve people with special needs.

Those families earning 60 percent or less of area median are qualified to live in these units, he said. Currently, a family of four earning less than $42,300 would quality.

Peterson praised Daley and his Department heads for making "good on their commitments to improve the quality of life for public housing residents. This is just one more example and we are eager to put this money to work for the people in public housing."

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Photo (Mayor Daley, Terry Peterson and other city officials)