Some Chicago aldermen are introducing an ordinance that calls for 20 percent of the city's TIF funds to subsidize affordable housing. TIF, or tax increment financing, allows the city to use property tax revenue to pay for community development.Continue reading at Chicago Public Radio's "City Room"
UPDATE: Also read "Theft of Millions Goes Unnoticed" via The Southtown Star
"Dumb" and "Alderman" go together like "peanut butter" and "jelly."
ReplyDeleteSome Chicago aldermen
ReplyDeleteWho, exactly? Other than Joe Moore?
I really wish the media would stop being so lazy when conducting their reporting.
Anyway - I'm not sure how I feel about dedicating 20% of TIF money towards affordable housing while CPS is facing a $1,000,000,000 operating deficit.
Personally, I see providing our kids a quality, competitive education as the best way to combat the escalating need for affordable housing.
Having said that, this idea might have some leg to it if it leads to the city picking up a 2BDRM unit for $275,000 - and integrating people into the larger community, instead of building new @ $400,000, and compressing people into concentrated income tracts.
Of course, this is the Chicago City Council we're talking about - and their track record of enacting solid fiscal and social strategies is considerably less than "sparkling".
So color me jaded that these knuckleheads have the intellectual (and/or ethical) capacity to do anything which could actually be productive.
"Aldermen supporting the affordable housing proposal also said they will vote against new TIF district establishment and new TIF project approval until the affordable housing requirements are in place."
ReplyDeletewait...
I'm being told the aldermen will continue to unanimously approve new TIF districts and new TIF projects, with or without affordable housing.
sorry everybody
I will come right out and say it - I don't want any MORE affordable housing in Uptown. It's not that I don't want affordable housing here, but enough already. Broken record much?
ReplyDeleteIf it were up to me, I would say that we eliminate 2 units of substandard affordable housing for every 1 we create. THAT would build a stronger, more vibrant community.
We all deserve to live in dignity in safe homes, so long as we are willing to do our parts.
50% set-aside?
ReplyDeleteTypical Moore: a stunt, designed to go no where, but giving him a talking point about TIF reform for 2011
This would be fine in other parts of the city - although I personally believe we need a moratorium on so called "affordable" housing in Uptown - enough is enough.
ReplyDeleteActually, I wish some of these alderman had the guts to ask for a moratorium on TIF's all together.
That will never happen.
You need to cut these Aldermen off at the knees. For two long people have given them an inch and they have taken a mile. Not ONE DIME of taxpayer money should go to affordable housing when this city and state are on the verge of bankruptcy.
ReplyDeleteThe Monstrosity at the corner of Montrose and Broadway should be a lesson to all...NEVER TRUST A POLITICIAN WITH YOUR MONEY.
Has anyone noticed the vacant stores littering Wilson? Uptown? What has Helen done to provide intensive for small business? Has she even spoken out about a plan to invite business to Uptown?
I haven't posted on here in a while because I find it comical that progressives fight progressives in this community. There seems to be a "Greater Good" mentality in this community instead of personal freedom. It has become nauseating to see Chicago politics move to the national level. This "We know better than you" mentality is a disease.
Now if James or Don or whomever else is running for The People's 46th Ward seat next year does not promise to campaign to stop this nonsense that is TIFS then I will throw my money and my support to the candidate that does. WHY CAN"T UPTOWN LEAD THE WAY?
chicago politicians with the power to offer you a place in an affordable housing unit sounds a little fishy to me - you vote for me, i give you a place to live in?! i wonder how many of the supporting and voting alderman will end up going to jail for abusing affordable housing opportunities for their supporters while people in need will still be left out! i bet 5 years before the first major scandal breaks! the TIF system is broken, the chicago political system is broken and two negatives will not make a positive.
ReplyDeleteTo make it worse, their plan makes no sense. It won't work.
ReplyDeleteAffordable housing for whom?
ReplyDeleteThe same people whose wages and pensions are controlled by their elected officials?
How would a human break from these bonds?
I see Chip Douglas left Somerset and is now posting again.
ReplyDeleteJason,
please don't compare peanut butter and jelly to the aldercritters. It's offends the Gods.
As for Joe Moore he will likely lose in the next election.
Foie Gras opposition will only get one so far.
IP:
ReplyDelete"Dumb" and "Alderman" go together like "Bull" and "sh^^"!!
Is that better?
Hell, in Uptown, using 20% of our TIF money for low-income housing would mean we get a refund!
ReplyDeleteBOOHOO,
ReplyDeleteWell put, very funny.
Who are the players in the Sweet Home Coalition, which are the originators of this ordinance?
ReplyDeleteSweet Home Chicago is a coalition of 12 partners:
Action NOW, Albany Park Neighborhood Council, Bickerdike Redevelopment Corporation, Chicago Coalition for the Homeless, Jane Addams Senior Caucus, Kenwood Oakland Community Organization, Lakeview Action Coalition, Logan Square Neighborhood Association, Organization of the NorthEast, Service Employees International Union (SEIU)-Healthcare Illinois/Indiana, SEIU Local 1, and United Food and Commercial Workers Local 881.
This includes 4 nonprofits and 3 unions, who are active in Uptown.
What do they want? They want 20% instead of the current average 4% of citywide TIF (real estate tax) funds to go to them for affordable housing development.
As nonprofits, how much real estate tax do they contribute to the TIF.
A whopping $0, because nonprofits are exempt from real estate tax. (Something which Lisa Madigan has said is abused and must change.)
Where did they hold their promotes to demand their entitlement, i.e a 20% share ? In Uptown where 70% of the existing TIF funds for the next 23 years have already been allocated to affordable housing.
Go figure.