Reporting John Cody
CHICAGO (CBS) – A Chicago housing coalition says private developers, not tenants, will be the big winners in Mayor Rahm Emanuel’s new “Plan Forward” CHA initiative, reports WBBM’s John Cody.
Liz Brake crunched numbers for the Jane Adams Senior Caucus and asserts the CHA’s public private partnership is basically private profit on public money.
“Mostly federal money, state money, city money. At Oakwood Shores, the developer has $100 in equity and a $345,000 mortgage loan. The rest is public money,” said Brake.
Brake says after 30 years of affordable rents, new CHA developments will revert to private control for the following 69 years, a plan the Chicago Housing Initiative likens to the city’s parking meter deal.
The Initiative seeks leasing of now vacant apartments to ease the backlog of 60,000 families seeking CHA housing plus an end to CHA privatization plans