April 1, 2020 Comments Off on 11 Affordable Projects Will Advance Under Revamped Allocation Plan Views: 534 Chicago News, South Side

11 Affordable Projects Will Advance Under Revamped Allocation Plan

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Eleven projects totaling nearly $400 million have been selected to move forward through Chicago’s revamped federal tax credit allocation distribution process. Chosen from a pool of 43 applications, the developments will create 1,083 units of affordable housing in Pilsen, Humboldt Park, Woodlawn and several other communities across the North, South and West Sides.

“Taken together, these projects represent the dynamic innovation and partnership our city is bringing to expand affordable housing across each of Chicago’s communities and neighborhoods,” said Mayor Lori Lightfoot.

The projects are the first selected under the City’s improved Qualified Allocation Plan (QAP) to apportion Low Income Housing Tax Credits. For the first time, the city’s allocation plan specified three market types to receive priority consideration:

• Opportunity area projects that preserve existing buildings and create new affordability

• Redevelopment area projects that catalyze investment around key nodes

• Transitioning area projects that preserve affordability for long periods of time

Read more at Chicago.gov

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