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 has been approved by the City Council. This decision supports the ongoing redevelopment of the Chicago Housing Authority's (CHA) Julie C. Lathrop Homes housing complex.
The TIF district, covering 21.1 acres in the North Center and Lincoln Park community areas, will expand by 12.8 acres. The budget for this expansion will increase from $17.5 million to $60 million, facilitating planned improvements in the southern portion of the complex.
The project involves rehabilitating seven vacant buildings, constructing one new building, and demolishing three others. Additionally, public infrastructure improvements are part of the plan. Lathrop Preservation IC, LP is overseeing this $203 million project, which aims to create more than 300 new mixed-income units.
Since 2017, CHA and its development partners have already rehabilitated or constructed nearly 500 units at the Lathrop site.
TIF is a financial mechanism used by municipalities across the state to support investment within designated districts. It utilizes new property tax growth within these boundaries to fund improvements identified in redevelopment plans.
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