Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website
Ciere Boatright commissioner of the Chicago Department of Planning and Development (DPD) | City of Chicago Website
The proposal to amend the Diversey/Chicago River Tax Increment Financing (TIF) district was introduced to the City Council by Mayor Brandon Johnson. The amendment aims to support the redevelopment of the Chicago Housing Authority's Julie C. Lathrop Homes housing complex.
Currently spanning 21.1 acres in North Center and Lincoln Park, the TIF district would be expanded by an additional 12.8 acres. The budget is proposed to increase from $17.5 million to $60 million, targeting improvements in the southern section of the complex.
The redevelopment plan includes rehabilitating seven vacant buildings, constructing one new building, demolishing three others, and making public infrastructure improvements. This $203 million project led by Lathrop Preservation IC, LP will create over 300 new mixed-income housing units.
Since 2017, nearly 500 units at the Lathrop site have been rehabilitated or constructed by CHA and its development partners.
Tax Increment Financing is a financial mechanism used across municipalities in the U.S. It channels new property tax growth within designated districts to fund improvements outlined in redevelopment plans.
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