New South Side TIF District Will Support Housing Rehabilitation, Stabilization, and Public Works
The City Council today approved the designation of a new Tax Increment Financing (TIF) district to support affordable housing and public works investments on the South Side.
The Washington Park TIF District will include a 988-acre section of the Washington Park, Grand Boulevard, and Greater Grand Crossing communities that has been significantly impacted by the nationwide foreclosure crises.
Generally bounded by 51st and 56th streets on the north, 67th Street on the south, Cottage Grove Avenue on the east, and I-90/94 on the west, the primary goal of the district will be to encourage the rehabilitation of existing structures, improve public infrastructure, and facilitate the redevelopment of an estimated 120 acres of vacant land within its boundaries.
Increment generated by the district will support a $25 million redevelopment plan approved by the Community Development Commission in August 2014. The 23-year plan projects $11 million to be allocated for public works improvements, $9.5 million for building rehabilitation and site prep work, and $2 million for job training and day care, among other costs.
The designation brings to 154 the number of active districts in the City of Chicago. For more information, visitwww.cityofchicago.org/tif.
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