“With these proposals we are working to improve the quality of life for residents by bringing more residential and commercial development into our neighborhoods,” Daley said. “We will continue creating programs that help industry grow, bring more jobs to our city and improve the local economy.”

Mortgage Credit Certificate Program

The first ordinance makes $100 million available to help qualified homebuyers purchase their first home and save money on their federal income taxes.

The ordinance authorizes the continuation of the existing program, known as TaxSmart. TaxSmart issues mortgage credit certificates that allow homebuyers to claim up to 20 percent of the annual interest paid on their mortgages as a federal income tax credit. A tax credit entitles a taxpayer to subtract the amount of the credit from his or her federal income tax due, allowing the taxpayer to receive a dollar for dollar savings.

Applicants must purchase the home in the City of Chicago and be first time homebuyers (someone who hasn’t owned a home in the last three years as a primary residence). If a home is purchased in a target area, the applicant does not need to be a first time homebuyer. In addition, the home purchased must be the applicant’s primary or year round residence.

The City will administer the program through a network of local mortgage lenders to help make homeownership more affordable.

Approximately 1,000 households are expected to be helped with the new funding. TaxSmart can be used by eligible homebuyers citywide to purchase new or existing 1-4 unit properties, which includes single-family homes, condominiums or townhouses, on a first-come, first-served basis.

Resident Landlord Tenant Ordinance Amendment

The next ordinance authorizes an amendment to remove a loophole that exempts banks form repaying security deposits to renters because of a landlord foreclosure.

Under the ordinance, banks would be required to pay security deposits that are owed to tenants.

Tenants whose landlords have lost their properties through foreclosure are being displaced and chances are that banks aren’t offering to return the deposit, meaning that the renter could be out of hundreds of dollars or more unless the renter can win it back in court.

For many renters, especially those with lower incomes, quickly coming up with a security deposit and the first month’s rent is difficult. The legislation will help make it easier for tenants who remain current on their rent to get a refund and have the means to secure their next apartment.

Asphalt Operating Services of Chicago

Another ordinance authorizes the intent to issue up to $45 million in Recovery Zone Facility Bonds for the construction of a liquid asphalt facility at 2835 E. 106th St. in the 10th Ward.

Asphalt Operating Services of Chicago, LLC plans to construct a storage facility on 50 acres of property in the South Deering community that will also blend, and dispense liquid asphalt that is used to pave roadways.

The $62 million liquid asphalt operation includes a terminal with dock space along the Calumet River for supply barges to deliver shipments of liquid asphalt, as well as space to receive and transfer shipments by rail and truck.

The asphalt will be blended into different grades and shipped to nationwide customers.

After completion this development will create up to 50 union jobs with wages that pay over $20 per hour. The new facility will also return land that has been vacant for over 30 years into productive use.

Calumet River TIF/Ewing Avenue TIF Designations

Two ordinances were also introduced that authorize the creation of two Tax Increment Financing (TIF) districts in the 10th Ward in order to encourage development and further investment in the Hegewisch and East side communities.

The Calumet Tax Increment Financing (TIF) Redevelopment Project Area on the City’s Southeast Side will provide a way to redevelop and revitalize recreational and commercial investment in the Hegewisch community.

The goal of the redevelopment area is to encourage new uses on vacant portions of the 534-acre site. Goals include enhancing marina operations, upgrading infrastructure and spurring economic growth in the 10th Ward.

The project boundaries include the Bishop Ford Expressway on the west, Torrence Ave. and the Little Calumet River on the east, 130th and 134th Streets on the north and the City limits on the south.

The Ewing Avenue Tax Increment Financing (TIF) Redevelopment Project Area will provide a way to revitalize residential and commercial investment in the Hegewisch and East Side communities.

The project boundaries include Buffalo and Avenue O on the west, 93rd court on the north, Indianapolis Blvd. on the east and 130th St. on the south.

The goal of the redevelopment areas is to stabilize and spur economic growth in areas of the 10th Ward. Creation of the TIFs will help facilitate new commercial and residential development, stabilize the area and encourage the development of vacant parcels.

Hairpin Lofts LLC

Also introduced was an ordinance that authorizes the construction of Hairpin Lofts, a $15.4 million mixed-use development in the City’s Avondale community.

Brinshore Development will renovate the six-story building located at 2800-12 N. Milwaukee Ave. and 3416 W. Diversey Ave. into 28 rental lofts and 8,500 square feet of retail space in the 35th Ward.

Originally built as an office and retail building, the flat-iron building at the intersection of Milwaukee, Kimball and Diversey will contain 25 affordable units, including four units for people with disabilities. Three units will have unrestricted rents. Plans at the landmark building also call for the creation of the Logan Square Arts Center on the second floor.

Lester and Rosalie Anixter Center will partner with the developer to provide services to residents with disabilities.

The ordinance authorizes a $6.6 million private placement loan, $7.1 million in TIF funds and the sale of one City-owned parcel for $1.

Oakwood Shores Terrace and Medical Center

Mayor Daley also introduced an ordinance that authorizes a redevelopment agreement, $2.1 million in TIF assistance and the sale of one parcel for the construction of 48 units of new mixed-income rental housing as part of a redevelopment plan for the former Madden Park, Clarence Darrow and Ida B. Wells homes.

The $23.5 million development located in the City’s Oakland community is part of the CHA’s Plan for Transformation and will also include commercial space for a community medical center.

Oakwood Shores Terrace will provide 36 affordable and 12 market-rate units in one building with a 14,000 square foot clinic on the first floor.  The building will include green design elements.

The development will feature 26 one- and 18 two-bedroom apartments as well as four three-bedroom units designed for larger families.

Oakwood Shores Terrace Phase 2C, to be developed by Oakwood Shores Terrace Associates LP, will be located at 3753-3755 S. Cottage Grove Ave. in the 4th Ward.

The City will invest $2.1 million in loans; land valued at $960,000 and $1.2 million in tax credits, generating $7.9 million in equity towards the project.

The development will also receive $1.2 million in tax increment financing and CHA funds of $3.2 million.