Some Chicago aldermen are introducing an ordinance that calls for 20 percent of the city’s TIF funds to subsidize affordable housing. TIF, or tax increment financing, allows the city to use property tax revenue to pay for community development.
Alderman Joe Moore of the 49th Ward is one of the sponsors of the measure.
MOORE: Housing for people of low income, housing people of moderate income as a way of not only providing affordable places for people to live, but also as a way of stabilizing our communities of taking some of these foreclosed buildings and foreclosed homes and putting them back on the tax roles.
Under the measure, a development would qualify for the TIF funds if 50 percent of its units are deemed affordable. Rental units must be affordable to families earning less than about $38,000 a year. Aldermen plan to introduce the proposal at the full council meeting on Wednesday.