CHICAGO (WBBM) – A compromise is in the works over a plan to use 20 percent of Chicago’s TIF–Tax Increment Financing–funds for affordable housing.
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Previously, much of the money from property tax set asides had been used to spur economic development.
But the plan’s chief sponsor, Ald. Walter Burnett, says some in the City Council just wanted to use the TIF dollars to fund the city’s budget.
Burnett says the money, about $100 million a year, would go a long way toward rehabbing and inhabiting foreclosed properties and would fund hundreds of jobs through contracts to build new affordable housing.
Ald. Robert Fioretti says the issue will now come up for discussion in the full city council sometime in November and likely be passed before year’s end.