Affordable Housing Projects In Chicago – Millions Of Tax Credits To Combat Homelessness!

The affordable housing projects in Chicago have reportedly received funding.

Aside from the funding from tax credits, funds for the affordable housing projects will also come from city public loans. (Photo: NPR)

Chicago’s Affordable Housing Projects

Thirteen affordable housing projects in Chicago have received federal low-income housing tax credits, totaling $562 million in costs.

Along with tax credits, the affordable housing projects will also receive $154 million from tax-increment financing and city public loans.

These developments in the form of affordable housing projects are expected to address the city’s affordable housing shortage.

The affordable housing projects are also focused on providing housing for residents earning a percentage of the area’s median income.

One of the projects in the said affordable housing projects is the Janet L. Smith Apartments in West Pullman, which will provide permanent supportive housing with social services.

According to a published article by SmartNews, the affordable housing projects aim to address the lack of affordable housing in Chicago and help combat homelessness in the city.

Housing Developments In Chicago

In a published article by the Chicago Sun-Times, Chicago invests in two housing developments, Janet L. Smith Apartments in West Pullman and 5853 N.

Broadway in Edgewater, to create more affordable housing units for families. Federal low-income housing tax credits are being used to fund the $562 million projects, which will benefit families earning below 60% of the median area income.

The Edgewater development specifically targets the issue of families being displaced by expensive housing in the area.

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