As the cost of housing rises faster in Logan Square than much of Chicago, construction has begun on a new affordable housing development aimed at keeping longtime residents in place.
, construction has begun on a new affordable housing development aimed at keeping longtime residents in place.
"In a community which is rapidly gentrifying, where we’re seeing the doubling, or in some cases the tripling, of property taxes, legacy families who have been here for 50 years are wondering if they can continue living here," said 26th Ward Ald. Jessie Fuentes, speaking at a groundbreaking ceremony on Wednesday. "This development is to let them know this community is still theirs.
The $48 million development is funded with $9 million in tax increment financing, $14 million from the U.S. Department of Housing and Urban Development and the city’s Affordable Housing Opportunity Fund and $25 million in low-income housing tax credits, said Jim Horan, the city’s interim Department of Housing commissioner.
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