Press Release
January 26, 2012

Mayor Emanuel Announces 41 Affordable Housing Projects Facilitated by Tax Credit Allocations

More Than 3,000 Apartments Will be Created as $840 Million in Construction Moves Forward; Nearly 1,000 Permanent Jobs Created
Mayor's Press Office    312.744.3334

 

Mayor Emanuel announced Thursday that nearly $840 million in affordable housing
construction projects will be able to move forward through federal tax credit allocations.
More than 3,000 apartments will be created, and more than 900 permanent jobs will be
created for Chicagoans through the projects.

“I am 100 percent committed to the creation of affordable housing for Chicagoans, and
through these tax credits, developers will be able to solicit investors, raise capital, and
bring these important housing options for the residents of Chicago,” Mayor Emanuel said.
“Hundreds of jobs will be created in our communities as well. This is truly a win-win.”

Awarded by the Internal Revenue Service (IRS) and allocated by the Chicago Department of
Housing and Economic Development (HED), the Low Income Housing Tax Credits (LIHTC)
will be used by housing developers to raise private equity for specific development
projects. 42 projects located across the city will move forward through the allocations.

The $30 million in tax credit allocations over the next five years are projected to generate
more than $250 million in equity, which is essential to advancing these projects and
bringing these developments to successful conclusions.

“These tax credits will facilitate a series of innovative, essential projects, which will provide
much needed affordable housing stock in key areas throughout the City,” said Andrew
Mooney, Commissioner of the Department of Housing and Economic Development for the
City of Chicago. “These 3,100 apartments will provide modern, safe housing for our families
and improve our neighborhoods in many ways.”

Participating projects were selected through an application process administered by HED.
Evaluation criteria included community area needs, development team experience, nearby
public amenities, proximity to public transportation, cost, operating budget, requests for
other government development incentives, and other factors.

The 930 permanent jobs anticipated to be created through the new developments will
result from the units being occupied by residents who will participate in the local economy
year after year. The projection is based on national models for family and elderly tax credit
projects. Approximately 2,800 construction and other temporary jobs are also projected to
be created as a result of the tax credit allocations.

The projects will contribute to the City of Chicago’s annual goal of creating 2,500 affordable
rental units citywide. The LIHTC units will be made available to residents earning no more
than 60 percent of the Area Median Income, or $45,060 for a family of four.


These projects reflect a variety of different types of developments for the city: seven of the
Low Income Housing Tax Credit projects are for families, 11 are for seniors, four are for
people with special needs, and eight are for former public housing residents. Eleven
additional projects could utilize other HED development incentives in order to move
forward.

Community areas with selected projects include:

• Humboldt Park

• East Garfield Park

• Near West Side

• Douglas

• Oakland

• Grand Boulevard

• Kenwood

• Washington Park

• Woodlawn

• Englewood

• South Shore

• Avalon Park

• Garfield Ridge

• West Lawn

• Washington Hts.

• West Pullman

• Lake View

• Irving Park

• Portage Park

• Belmont-Cragin

• Logan Square

• Near North Side

 

 

Information about specific projects is available from the Department of Housing and
Economic Development.

 

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