Gov. J.B. Pritzker signed the incentive package into law in the summer of 2021
Cody McGraw installs tiles in an affordable unit in The Row Fulton Market at 164 N. Peoria St., Feb. 16, 2023, in Chicago.
“It’s great for Chicago, it’s going to build a significant amount of affordable housing for Chicago, and Affordable Illinois is the tool that allowed us to do this,” Shapack said. Owners who complete renovations can get assessment cuts of up to 35% based on how many affordable units they preserve. Young said she hopes the law will lighten property tax burdens, spur owners to invest more in their properties, and ensure low-income renters can afford to stay put.
That’s one reason the county’s program got off to a slow start, approving a handful of applications in its first few months, he added. But approvals accelerated in the second half of 2022.“This is the first time anything like this has been done on this scale,” he said. “Now, we’re cruising along.” Andrew Levin of Bass Management just secured approvals from the Assessor for four of his buildings in Albany Park, a neighborhood on Chicago’s Northwest Side. Each has between 13 and 17 units, many affordable, and needed new masonry, windows, and significant upgrades to the porches and roofs.Levin doesn’t know yet how much of a tax break he’ll be awarded, but he said he’s confident the steep cut in the buildings’ assessed values will result in big savings.
Chicago Metropolitan Housing Development Corp. owns 58 buildings with a total of 708 apartments, almost all affordable, and mostly in neighborhoods like Rogers Park, Logan Square, Beverly and Morgan Park, as well as Evanston, where market-rate renters are willing to plunk down big bucks for available units, according to Executive Director Rafael Leon. The nonprofit, which paid nearly $1.
Without the break, reserving 20% of the units in a luxury development such as The Row Fulton Market at 164 N. Peoria St., would not be feasible, according to Bailey.Reserving 60 units in The Row Fulton Market as affordable will offer families with modest incomes an opportunity to live in a vibrant jobs center, home to burgeoning“There are certainly lots of jobs in Fulton Market, and the holy grail for us is if our residents can walk to work,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden takes new steps to address racial inequality in gov't - New York Amsterdam NewsPresident Joe Biden on Thursday ordered the federal government to do more to address racial inequality as the challenges and complexities of systemic racism are again drawing the public’s attention.
Read more »
Seven Knights 2 Releases New Update Featuring New Legendary HeroNetmarble has a new update available right now for SevenKnights2 as you get several upgrades and a new Legendary Hero.
Read more »
Tiger cub rescued in New Mexico finds new home in ColoradoA Bengal tiger cub found by Albuquerque police in a dog crate last month now has a new home in Colorado.
Read more »
Meta launches subscription plans for Facebook, InstagramMeta is testing a new verification service called Meta Verified in New Zealand and Australia.
Read more »