Chicago is investing more than $300 million in 15 affordable housing developments under its low-income housing tax credit (LIHTC) program.
The Department of Housing (DOH) announced that the developments will create or preserve 1,223 units—1,164 of which will be affordable.
Projects receiving housing credits include:
- 13 Equitable Transit-Oriented Developments (eTODs);
- Two Chicago Housing Authority developments with 129 units, of which 85 are affordable;
- 130 units affordable to households earning 30% of the area median income;
- Two in partnership with Department of Planning and Development request for proposals;
- Three senior housing developments;
- 12 new construction projects creating 798 units; and
- Three preservation projects rehabilitating and maintaining the affordability of 425 units.
“We are thrilled to present these 15 awardees and commend the development teams for prioritizing affordable housing amidst our current housing crisis,” said DOH commissioner Lissette Castaneda. “We are looking at more than a thousand units coming to communities that, in a lot of ways, are seeing rising rates of displacement. LIHTC is one of our most powerful tools to ensure that developments reflect the needs of our residents, especially our lower-income residents.”
The total development costs for the developments are estimated at $711 million, which incorporate public and private resources. This includes approximately $16 million in LIHTCs, which will generate an estimated $100 million in private equity, and an estimated $300 million from city financial assistance. When projects receive LIHTCs or city assistance, they enter into agreements that guarantee 30 years of affordability for tenants.
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