CHICAGO-With his city continuing to see a tight multifamily rental market, Mayor Richard M. Daley wants the a Congressional commission to push for a 40% jump in the federal Home Investment Partnerships Program, which helps cities and states subsidize affordable housing. The Millennial Housing Commission was a captive audience recently for a day-long hearing at the Chicago Cultural Center.
“This is the only way we're going to build new rental housing in cities like Chicago,” Daley says. “The private market simply will not do it without federal assistance.” He adds the HOME program would help create “more stable mixed income communities in which families and children and economic opportunity can flourish and gangs and drugs cannot.”
Daley is seeking a $2.5-billion commitment to the HOME program. The city has helped build or preserve more than 30,000 rental units.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
