PRESERVING AFFORDABLE RENTAL HOUSING
A case study provided by the Preservation Compact explains that the pre-development financing was provided by a nonprofit lender specializing in emerging markets. Crucial financing was provided by both the State of Illinois through tax credits and a housing trust fund and the City of Chicago via bonds and Community Development Block Grant funds.
In August, Chicago Mayor Richard Daley announced that the city will help will create nearly 2,700 affordable rental units for low- and moderate-income households in 29 developments in neighborhoods across the city.
The city’s $277 million contribution to the multiyear project includes $175 million low-income housing tax credits and bonds, $63 million in loans and $39 million in tax-increment financing.
Additional money will come from the Illinois Housing Development Authority, the Federal Home Loan Bank and private investors and lenders.
Without such aggressive programs the nation’s lack of affordable rental housing will continue to create dire consequences, according to Sheila Crowley, President of the National Low Income Housing Coalition.
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