“Bouncing Back: Five Year Housing Plan, 2014-2018” was created by the City of Chicago’s Department of Planning and Development (DPD) and approved by City Council on Feb. 5, 2014.
The plan is the fifth five-year housing plan to be issued by the City. It was drafted with participation and comments from nearly 300 members of the affordable housing, not-for-profit, lending, and real estate development communities.
The plan outlines new policy initiatives and provides production estimates for more than $1.3 billion in spending from 2014-2018 to create, improve, and preserve more than 41,000 units of housing.
Note that the Plan includes two commitments made by the Department of Planning & Development at the Committee on Housing & Real Estate’s January 28, 2014 Hearing on the Plan:
1) A pledge to increase the commitment for TIF Purchase-Rehab from $20 million to $35 million over 5 years, with a corresponding increase in units created from 400 to 700 (page 35); and
2) A pledge to hold neighborhood-level workshops to educate local contractors and developers about City programs (page 21).
These two improvements to the plan, which are included in the accompanying version for the convenience of the reader, are expected to soon be formally incorporated into the plan through legislative ratification.
DPD will provide quarterly updates to City Council on the plan's progress through 2018.