Chicago City Wire

The Chicago City Council has introduced and approved several measures, impacting various sectors within the city. These measures include support for residential conversions, funding for housing projects, and rehabilitation of properties.

One significant approval involves Tax Increment Financing (TIF) support for converting Loop office space into residential units. This move aims to address the growing demand for housing in urban areas.

The Chicago Department of Housing has announced a $100 million bond issuance to fund the third phase of The Lathrop Homes project. This initiative is part of an ongoing effort to revitalize public housing across the city.

Additionally, new funding has been allocated for an affordable housing development in South Chicago. This project underscores the city's commitment to expanding affordable living options.

Five properties in Uptown are set to undergo rehabilitation as part of efforts to preserve affordable housing stock in that area.

Furthermore, the Department of Planning and Development has seen several measures passed by the City Council. These include granting authority to the Department of Housing Commissioner to cede volume cap, a step that may facilitate future developments.