Medill Reports
October 8, 2009
Chicago Coalition demands money for affordable housing
By Janeen Wynn
At a time when Chicago’s housing market is crumbling and foreclosures are on the rise, the city has well over a billion dollars of TIF money just sitting in the bank.
The Sweet Home Chicago Coalition and 220 Chicago residents on Thursday asked the city to hand over a piece of the pie.
The City of Chicago uses tax increment financing money for economic development in specific areas.
The coalition wants 20 percent of annual TIF money to build more affordable housing for Chicago neighborhoods.
The coalition said from 1995 to 2007 only 4 percent of TIF money went toward developing affordable housing.
Sweet Home Chicago consists of nine community groups and three labor organizations. Eithne McMenamin, senior policy analyst at the Chicago Coalition for the Homeless, said the coalition has researched each of city’s TIFs for the past year and a half.
"There’s this pot of money sitting there that can be used to bring jobs and affordable housing," McMenamin said.
"When TIF money is given toward housing it’s targeted toward households that are making quite a bit more than the median salaries of the people in our neighborhoods."
Ald. Walter Burnett (27th) said he doesn’t want to wait for the city to hand over money. TIFs have a life span of 23 years and he wants the money before it’s too late.
"We have billions of dollars in TIFS. Lots of money, they don’t know what to do with at this time. There are even TIFs that are getting ready to expire," Burnett said.
The coalition took the theme of the Wizard of Oz and Burnett led more than 200 residents down what they called the yellow brick road. The crowd marched from God’s Army Ministries at 647 N. Kedzie Ave. to the 600 block of North Troy Street, chanting "What do we want? Affordable Housing!"
The group passed by Rosa Parks Apartments and stopped in front of Harold Washington Unity Co-op, both TIF-built communities, at which they each laid a golden brick to signify the money that could be put toward affordable housing.
"We need to make our own stimulus package. When affordable housing is built in the community, people get jobs. Other developers believe in the community. Everyone wins," Burnett said.
