The Mayor’s plan calls for creating a nonprofit housing corporation tasked with building affordable housing that meets Green Building standards.
The Chicago City Council approved a proposal to create a nonprofit housing development corporation run by the city’s Department of Housing, reports Todd Feurer for CBS News Chicago. “The $135 million fund will be financed from a $1.25 billion borrowing plan approved by the City Council last year,” Feuer adds.
“That nonprofit, known as the Residential Investment Corp., would control a $135 million fund that would be used to provide low-cost loans to developers to build environmentally friendly buildings.” Projects built under its auspices would have to set aside 30 percent of units as affordable housing and meet Green Building Standards.
According to Feurer, “The ordinance includes guarantees that the loan fund will use Department of Housing workers for any services similar to existing jobs within the department.” The proposal underwent several changes before it was approved.
FULL STORY: City Council approves Mayor Johnson's "green social housing" plan to boost affordable housing
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