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Writer's pictureErica Trejo

Unveiling the Power of The Bond: A Beacon of Hope for Affordable Housing and Community Development

On July 10th, the South Side Builders Association hosted Ethan Lassiter, Director of Business and Commercial Real Estate to speak on behalf of Deputy Mayor Kenya Merritt, Business, Economic and Neighborhood Development. The topic of discussion was Mayor Brandon Johnson's $1.25B Housing & Economic Development Bond.


Mayor Johnson will drive new and expanded programs in three core areas, enabled by initiatives to diversify revenue and streamline internal processes

In the realm of urban development and community enhancement, a groundbreaking initiative has emerged— A five-year, $1.25 billion bond issuance crafted with a singular purpose: to ignite the flames of progress in affordable housing and community development projects. Let's delve into the depths of this transformative initiative that is set to shape the landscape of Chicago.


 

Meet The Economic Development Leadership Team


Planning and Development Commissioner Ciere Boatright


DPD drives economic development, planning and zoning functions while promoting inclusive, equitable growth across the city.




Department of Housing Commissioner Lissette Castañeda


DOH expands access and choice for residents and protects their rights to

quality homes that are affordable, safe, and healthy.



Cultural Affairs and Special Events | Commissioner Clinée Hedspeth


DCASE supports creatives and expands access to the arts throughout Chicago’s 77 neighborhoods.




Business Affairs and Consumer Protection |Commissioner Kenneth Meyer (retiring)


BACP ensures a fair and vibrant marketplace in Chicago through licensing businesses partnering with business service organizations and provides education and resources for businesses.



Chicago Housing Authority CEO Tracey Scott


CHA provides homes to more than 65,000 households while supporting healthy communities in neighborhoods throughout the city.





MPEA CEO Larita Clark


MPEA attracts trade shows, conventions, meetings and public events to strengthen the Chicago and Illinois economy.




Choose Chicago Interim CEO Rich Gamble


Choose Chicago is the official sales and marketing organization for Chicago. They promote Chicago to business and leisure travelers in targeted regional, national, and international markets.


 

Allocation of Resources


A pivotal facet of The Bond lies in its division of resources between the Department of Housing (DOH) and the Department of Planning and Development (DPD). Each department receives an annual infusion of $125 million, paving the way for transformative initiatives and groundbreaking endeavors. Over the span of five years, a total of $625 million finds its way to each department, catalyzing innovation and progress.


This innovative initiative marks a pivotal shift by increasing financial flexibility, empowering the city to address emerging needs dynamically, and creating predictable revenue streams for long-term growth and stability.


A Revenue Neutral Approach


• This proposal can be done without

an increase to property taxes.


• The expiration of TIFs means that

incremental EAV is returned to the

City's levy as new, annual revenue.


• By year 15, nearly $300 million in

additional annual revenue to City. (Not

including other taxing bodies)


• Funds can fully cover $81 million in stabilized debt with additional revenue capacity for other uses.



Cut The Tape: Impact


• Problem: Chicago’s processes cause development to be slower and more expensive than necessary

• Solution: Streamline internal discretionary policies

• The Impact Includes :

• More emerging businesses and community organizations able to grow

• Reduced development timelines

• Reduced construction costs



 

In conclusion, The Bond is not merely a financial instrument but a testament to our collective commitment towards a more equitable and vibrant future. Let us embrace its spirit and pave the way for a tomorrow where affordable housing and thriving communities are the cornerstones of urban development.






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