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Chicago Housing Authority passes annual budget

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The Chicago Housing Authority board of commissioners passed a $917 million budget on Tuesday as the agency continues to revamp its properties.

In its 12th year, the Plan for Transformation has created mixed-income developments and rehabbed existing family apartments. CHA officials say 85 percent of the Plan will be completed under this 2011 budget.

“The overall budget is generally stable,” said CHA Chief Financial Officer Elias Rosario. The budget is slightly lower than last year because federal stimulus dollars will be used up. Most of CHA’s overall budget comes from federal funds.

The agency has set out to deliver 25,000 units by 2015. It will expand its portfolio by buying acquiring 60 foreclosed properties with three or more bedrooms.

“We’re going out and finding foreclosed properties throughout the city and we’re trying to bring those back to handle some of the needs of larger families,” Rosario said.

In addition, CHA will make 646 rentals via vouchers available through assistance programs.

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