Affordable housing developments are getting a big boost in funding.
Chicago will invest $ 1 billion in the creation and conservation of 24 development projects, as a result of federal epidemic recovery funds and the mayor’s budget for 2022. The move is not only designed to bring more affordable housing to the city, but is also designed to support colored people-led developments.
Read: Developers turn 12 vacant acres on the far south side into a new community
One of the projects on the list is in Morgan Park where developers are working to turn two acres of vacant land into mixed development.
“This project is transformative, it is catalytic. We believe it is going to be a game changer for the far south side region and it is going to address the current need for housing,” said Avraham Lacey, president and CEO The Society for the Development of the Far Southern Community, Who is leading the project.
The new Morgan Park Commons will include 390 units in total, 250 of which will be affordable housing and both mixed-income housing. Lacey says Low Income Housing Tax Credit (LIHTC) Will assist in Phase A of the project, which is building 80 units adjacent to South Halsted Street.
“It’s really part of saying how we can put colorful entrepreneurs in neighborhoods so they can now participate in reviving their communities,” said Leon Walker, co-founder of Initiative of Emerging Minority Developers in Chicago, An organization that seeks to achieve more color developers in the industry, “we said and demanded, asked, begged someone to come and build something in our community to do something new in our neighborhoods, well now it’s starting the process of building capacity with the talent that already exists in communities so they can start implementing the “Their vision is to help revive their communities.”
According to Mayor Lightfoot and city leaders, 10 of the 24 developments on the list are led by BIPOC, for all 24 participating in BIPOC (blacks, natives, people of color). The municipality conducted an impact assessment on racial equality to re-examine how the municipality grants to LIHTC.
“One of the reasons people are running out of their population is because they can’t find affordable housing, so we need more housing development,” Lacey said.
Lightfoot and urban leaders call this investment the largest affordable housing in Chicago history