The affordable housing program in Chicago has failed.
It was an escape from a citywide working group formed Mayor Lori Lightfoot, which stipulated that a decree requiring developers to build more apartments for low- and middle-income households created only 1,000 homes in 13 years, according to WTTW News. Meanwhile, the shortage of affordable housing in the city has risen to almost 120,000 homes.
The ordinance requires developers to mark 10 to 20 percent of new housing units as affordable. The current ordinance states that units are considered available if households earn approximately 60 percent of the median income area.
The working group now recommends a revision of the regulation to set aside housing for households that earn much less than 60 percent of the median area, which, according to the report, is $ 54,600 for a family of four.
Chicago is facing a huge situation budgetary crisis partly due to the effects of coronavirus, which make it unlikely that any of the Working Party’s recommendations will move forward soon.
Lightfoot said collected city taxes from businesses affected by Covidy fell sharply, including retail, hospitality and the restaurant industry.
The city has a budget deficit of $ 1.2 billion in 2021, which means that the city will find it difficult to strengthen its affordable housing program. [WTTW] – Keith Larsen