April 30, 2019
Housing Opportunity Zones are among the proposals offered by the Home Builders Association of Greater Chicago (HBAGC) to address affordability issues. These would leverage programs including Opportunity Zones and Enterprise Zones to incentivize private investment in neighborhood housing.
“Chicago has a number of great housing programs available, but they need better focus,” said Paul Colgan, government affairs director for HBAGC. “We want to take the best of local, state and federal initiatives for encouraging private investment and focus that investment into areas of need.”
Further, the HBAGC recommendations call for a Neighborhood Development Initiative that would free up 1,000 city lots for development of traditional Chicago two- and three-flat buildings. The initiative could create 2,000 to 3,000 market-rate and affordable two- and three-bedrooms units for families, says HBAGC.
The association prepared its recommendations after reviewing data compiled by Susan Tjarksen’s multifamily team at Cushman & Wakefield.
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