CHICAGO (CBS) — There’s a new deal today that Chicago city officials hope will help flooded home owners on the North Side.

Albany Park was one of the areas hardest-hit areas by the floods since Thursday. It is now the second time in five years that Albany Park residents have been waterlogged, and as a result Mayor Emanuel was out there, standing along the Chicago River at the Eugene Field House.

Mayor Emanuel is announcing plans to move forward on an extensive tunnel project for Albany Park, expected to cost about $50 million, and hopefully will take away the neighborhood’s flooding problems.

“From the time I was a Congressman in this area, until just this week as Mayor, I have seen a community that has dealt with uncertainty as a result of extreme storms,” said Mayor Emanuel. “This project can provide security to the residents and businesses of Albany Park by helping ensure that they don’t have to deal with this sort of flooding in the future. It will also allow the City to continue the critical work of modernizing our infrastructure and advancing our collective interests.”

The tunnel would run eat under Foster Avenue for about one mile, from Eugene Park to the North Shore Channel. During flooding conditions, water would overflow into the tunnel instead of into the neighborhood. The tunnel would then direct the flood water into the North Shore Channel.

Watch & Listen LIVE