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Mayor Eyes Widening Rewards for Affordable Housing Cash

CHICAGO-Multifamily developers in outlying neighborhoods could get permission to exceed limits on the size of their projects in exchange for donations to the city's affordable housing fund. The tally from Downtown developers has hit $12 million.

By Mark Ruda | Updated on February 01, 2006

(To read more on the multifamily market, click here.)

CHICAGO-Density bonuses, given to Downtown multifamily developers in exchange for payments to the city’s affordable housing fund, could be expanded to outlying neighborhoods. One example would be the Homan Square area on the West Side, Mayor Richard Daley notes, where 300 single-family and multifamily units have been developed under the city’s affordable housing effort.

“Homan Square stands as an example of what can happen when we target resources into a neighborhood, toward the people who need our help the most,” Daley says. “It changes not only the face of the community, but the lives of the families who live here, and that is what community redevelopment is all about.”

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