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Lightfoot to Propose Tax Incentives to Convert Loop Building Stock into Residential
Mayor Lori Lightfoot is expected to announce next week a new initiative offering tax-increment financing money and other public incentives to developers converting Loop properties into housing, Crain’s Chicago Business reported. The condition of the incentives is that at least 30% of the units created are affordable.
With a goal of creating at least 1,000 new Loop residential units over the next five years, the city will solicit proposals from developers. It will support the effort with funds from the LaSalle Central TIF District, which has effectively been off-limits to new developments downtown since then-Mayor Rahm Emanuel froze its use for private projects in 2015.
Vacancy-ridden office properties along LaSalle Street are said to be the effort’s focal point, although several details remain unclear including the number, types and sizes of properties that will be eligible, and how much TIF money could be dedicated to them, reported Crain’s.
- ◦Financing
- ◦Policy/Gov't
