Daley Commits $2.1 Billion to Affordable Housing Over 5 Years

January 8, 2009

Residential

Mayor Richard M. Daley

Chicago Mayor Richard M. Daley

On Wednesday Chicago mayor Richard M. Daley held a news conference at an affordable housing development at 642 N. Kedzie. He announced a five-year plan to build 50,022 new, affordable rental and for-sale units over the next five years.

The plan will cost $2.1 billion with the money coming from federal and state funding, low-income tax credits, bonds, loans and tax-increment financing subsidies.

The Sun Times quotes Daley as saying that due to the economic slowdown, affordable housing is “more important than ever.” He went on, “But, when a recession comes in, it slows everything down. That’s when government must re-invest.”

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About Rod Holmes

Rod has been a broker working in Chicago since 2004. He has worked with developers, buyers, sellers, and as well as managing offices. He is currently a partner in Chicago Style SEO working primarily with real estate firms to improve their Internet marketing. Rod lived for nearly ten years in Japan where he owned a corporate training and executive coaching firm with clients including Hitachi and 3M Japan. He lives in Lakeview with his wife and two children. He enjoys coaching and watching his kids participate in sports, cycling, camping, and traveling in general. You can find Rod online on Twitter at @roddesu, Facebook and LinkedIn.

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