A City financing program that helps restore vacant and foreclosed apartment buildings will be expanded in a portion of Humboldt Park through a plan approved today by City Council.
The Multi-Family TIF Purchase-Rehab program, which provides grants to help private developers purchase and rehabilitate vacant and foreclosed rental buildings, will be made available within the Division/Homan Tax Increment Financing (TIF) district.
Grant amounts are determined by the percentage of apartments that are leased at affordable levels to income-qualified tenants over a 15-year period. Minimum building size is six units and maximum grant amounts are up to 50 percent of a project’s total cost.
The program will be managed by Community Investment Corp., a Chicago-based lender specializing in multi-family rehabilitation financing.
The Division/Homan TIF district is generally bounded by North, California, Walton and Hamlin avenues.
The program is already active within the Ogden/Pulaski, Chicago/Central Park, and Humboldt Park TIF districts.
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