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
An amendment to the Diversey/Chicago River Tax Increment Financing (TIF) district was approved by City Council, aiming to support the ongoing redevelopment of the CHA's Julie C. Lathrop Homes housing complex. This decision will see the 21.1-acre district, situated in the North Center and Lincoln Park community areas, expanded by an additional 12.8 acres.
The budget for this initiative will increase from $17.5 million to $60 million, facilitating planned improvements within the southern portion of the complex. These improvements include rehabilitating seven vacant buildings, constructing a new building, and demolishing three others. Public infrastructure enhancements are also part of this project.
Lathrop Preservation IC, LP is spearheading this $203 million project which aims to create more than 300 new mixed-income units. Since 2017, the CHA and its development partners have already worked on nearly 500 units at the Lathrop site.
Tax Increment Financing (TIF) is a financial mechanism used by municipalities across the United States to support investments within specific districts. It leverages new property tax growth within these areas to help fund improvements outlined in their redevelopment plans.
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