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Council Okays Emanuel’s Five-Year Housing Plan
The City Council has approved Mayor Rahm Emanuel’s $1.4-billion five-year plan for housing initiatives, including investments in affordable rental stock across all markets. Covering the years 2019 through 2023, the plan will coordinate support for approximately 40,000 residential units citywide.
“The plan seeks to provide for a more equitable neighborhood landscape, including the support of more affordable housing in gentrifying neighborhoods, more tools to help property owners combat displacement, and more incentives for new housing construction in under-invested neighborhoods,” said Department of Planning and Development Commissioner David Reifman.
Implementing the new plan will be a new Department of Housing to be formed on Jan. 1. It will oversee several of the new programs identified in the plan.
All these initiatives will require a strong collaboration between developers, community partners and City agencies, including the new Housing Department, to address housing challenges and opportunities at the neighborhood level,” Reifman said.
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