High-rise commercial buildings

Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + Finance  | 

Lightfoot Commits to $1B in Affordable Housing Investment

Chicago Mayor Lori Lightfoot and Department of Housing (DOH) Commissioner Marisa Novara on Monday announced more than $1 billion in affordable housing developments, the city’s largest such investment to date.  

Thanks to the Chicago Recovery Plan and Lightfoot’s 2022 budget, DOH is more than doubling developments awarded and units built over the 2019 Low-Income Housing Tax Credit (LIHTC) round: to 24 developments, mainly on the city’s South and West Sides, 2,428 units, and $1 billion in 2021. 

“Investing in affordable housing is a critical component to creating an equitable, strong city,” said Lightfoot. “I am thrilled that we’ve been able to expand our investments in affordable housing to move us closer towards that vision for our city.” 

Total development costs for the 24 LIHTC developments are estimated at $952,775,414 and include all public and private resources, among them $18.6 million in 9% LIHTC and $13.9 million in 4% LIHTC. 

Connect

Inside The Story

Chicago Department of Housing

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Policy/Gov't
New call-to-action
New call-to-action
New call-to-action