Cody McGraw installs tiles in an affordable unit in The Row Fulton Market at 164 N. Peoria St., Feb. 16, 2023, in Chicago.
“It’s great for Chicago, it’s going to build a significant amount of affordable housing for Chicago, and Affordable Illinois is the tool that allowed us to do this,” Shapack said. Owners who complete renovations can get assessment cuts of up to 35% based on how many affordable units they preserve. Young said she hopes the law will lighten property tax burdens, spur owners to invest more in their properties, and ensure low-income renters can afford to stay put.
That’s one reason the county’s program got off to a slow start, approving a handful of applications in its first few months, he added. But approvals accelerated in the second half of 2022.“This is the first time anything like this has been done on this scale,” he said. “Now, we’re cruising along.” Andrew Levin of Bass Management just secured approvals from the Assessor for four of his buildings in Albany Park, a neighborhood on Chicago’s Northwest Side. Each has between 13 and 17 units, many affordable, and needed new masonry, windows, and significant upgrades to the porches and roofs.Levin doesn’t know yet how much of a tax break he’ll be awarded, but he said he’s confident the steep cut in the buildings’ assessed values will result in big savings.
Chicago Metropolitan Housing Development Corp. owns 58 buildings with a total of 708 apartments, almost all affordable, and mostly in neighborhoods like Rogers Park, Logan Square, Beverly and Morgan Park, as well as Evanston, where market-rate renters are willing to plunk down big bucks for available units, according to Executive Director Rafael Leon. The nonprofit, which paid nearly $1.
Without the break, reserving 20% of the units in a luxury development such as The Row Fulton Market at 164 N. Peoria St., would not be feasible, according to Bailey.Reserving 60 units in The Row Fulton Market as affordable will offer families with modest incomes an opportunity to live in a vibrant jobs center, home to burgeoning“There are certainly lots of jobs in Fulton Market, and the holy grail for us is if our residents can walk to work,” he said.
Subsidizing on thr backs of others
How about lower property taxes, instead of some band-aid 'incentive.'
Punishing property owners to aid the parasites 🤬
When you say affordable, do you mean slightly lower rent or Cabrini Green?
More like poverty tax am I right
Just when you thought it couldn’t get any worse.