Some Chicago aldermen want to designate a portion of city money for affordable housing. They plan to force a vote at Wednesday’s City Council meeting.
Activists want 20 percent of the money from special taxing districts called TIFs to go to affordable housing.
After more than a year, Ald. Walter Burnett, 27th, said he thinks there are enough City Council votes. He said he plans to make a motion to pass the ordinance, adding that the money could help market-rate developers rehab foreclosed properties.
“We gonna do what we’re gonna do – trying to push our agenda. And our agenda is trying to get some money set aside for affordable housing,” Burnett said.
TIFs have been under fire because the money doesn’t always go toward blighted areas, which is the point of the financing tool. Mayor Richard Daley’s administration opposes Burnett’s ordinance. Officials said there’s already TIF money for affordable housing.