This Nonprofit Tried To Build Affordable Housing In Chicago, But Ended Up In Bankruptcy Court
The Better Housing Foundation is not a household name, but its financial decisions over the past five years are having a big impact on Chicago area residents and on the housing market on the South Side.
The nonprofit came to Illinois from Ohio back in 2015 with hopes of providing safe, affordable homes — as well as services like job placement — to low-income Chicagoans. But the group has seen more than a few bumps in the road.
After acquiring a slew of properties on the South Side and in the suburbs with $170 million in bonds, it racked up thousands of building code violations. It also faces allegations of mismanagement. Now, those bonds are in default.
And those financial woes are raising questions about what’s next for housing on Chicago’s South Side.