Aldermen Want Tax Dollars For Affordable Housing
CHICAGO (WBBM) – Despite opposition from Mayor Daley’s office, Chicago aldermen are moving ahead with a plan to use up to $100 million in tax dollars a year to provide more affordable housing in troubled areas of the city.
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A joint City Council Committee has approved the so-called Sweet Home Chicago ordinance, which would set aside 20 percent of the city’s Tax Increment Financing revenues to expand affordable housing and rehab foreclosed properties.
Ald. Walter Burnett Jr. says that vote came in spite of the Daley administration’s attempts to delay it.
Burnett says the administration doesn’t want to give up its control over TIF dollars, which come from the growth in tax revenue in specific areas.
The full City Council could consider the measure tomorrow, but a fight is expected.