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5-Year Pilot Would Increase Affordability Quota in Pilsen
An ordinance introduced to City Council Wednesday would establish a pilot program to increase the city’s required affordability component for large residential projects within a 7.2-square mile area in the West Side neighborhoods of Pilsen and Little Village. Under the pilot, which would be in effect for five years, the affordability requirement would increase from 10% to 20%.
Mayor Rahm Emanuel also introduced an ordinance that would enable the city to acquire four miles of an underutilized BNSF railroad corridor for the planned route of the Paseo promenade through portions of Pilsen and Little Village.
“Chicago’s diverse neighborhoods are the backbone of our great city, collectively highlighting our rich culture, renowned restaurants and amazing residents,” said Emanuel. “This new strategy will help preserve these important elements of Pilsen and Little Village, while keeping it affordable for residents and promoting economic opportunities for future growth.”
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