Chicago has plan to help homeowners near future Obama Center

Amid concern over gentrification, city officials are proposing a $4.5M fund to help some Woodlawn homeowners and prospective home-buyers

Chicago /
Feb.February 25, 2020 01:35 PM
Chicago Housing Commissioner Marisa Novara and a rendering of the proposed Obama Presidential Center (Credit: The City of Chicago and the Obama Foundation)

Chicago Housing Commissioner Marisa Novara and a rendering of the proposed Obama Presidential Center (Credit: The City of Chicago and the Obama Foundation)

The Obama Presidential Center is coming, but not without controversy. Now, Chicago is considering a measure to promote neighborhood growth and preserve affordable housing near the proposed $500 million site amid gentrification concerns from residents.

Under the proposed ordinance, the city would use about $4.5 million to help lower-income residents in the Woodlawn area make home improvements, help some buy homes and support others in buying and repairing vacant buildings, according to the Chicago Tribune.

It would also require developers to incorporate a certain number of affordable units if they want to build a residential complex on vacant land owned by the city.

Unveiled Monday, the measure can be amended based on feedback, Chicago Housing Commissioner Marisa Novara told the Tribune.

The Obama Center is expected to attract thousands of visitors, along with new businesses and development. Critics say it will also lead to rising home prices and rents.

A group called the Obama Community Benefits Agreement Coalition is advocating for an ordinance that would require new housing developments to dedicate 30 percent of their units to low-income renters. It also wants the city to establish a rental assistance fund, which isn’t included in the proposed ordinance.

Last month, the Housing Department proposed a less stringent measure, which would apply only to census tracts within three-fifths of a mile of the Obama Center[Tribune]Brianna Kelly


Related Articles

arrow_forward_ios
Gov. J.B. Pritzker, Related Midwest President Curt Bailey and Related's condo project (Getty, Related)
Illinois poised for new affordable housing incentive
Illinois poised for new affordable housing incentive
Related Midwest President Curt Bailey and Parkway Gardens Apartments (Google Maps)
Related lists 694-unit Parkway Gardens complex for sale
Related lists 694-unit Parkway Gardens complex for sale
2159 W. Pershing Road with Hispanic Housing Development Corp.'s Hipolito Roldan and Fifth Avenue Capital Partners' Thomas Brantley (Google Maps)
120-unit affordable housing project gets Covid relief boost
120-unit affordable housing project gets Covid relief boost
(iStock)
Chicago affordable development mostly in poor, Black neighborhoods: report
Chicago affordable development mostly in poor, Black neighborhoods: report
President Barack Obama and a rendering of the Obama Presidential Center (Getty)
Obama Presidential Center project clears federal review
Obama Presidential Center project clears federal review
James D. Letchinger (JDL, Getty)
JDL eyes Chicago’s biggest resi development in 20 years
JDL eyes Chicago’s biggest resi development in 20 years
Mayor Lori Lightfoot (Getty; iStock)
Chicago affordable housing program has failed, report finds
Chicago affordable housing program has failed, report finds
Alderman Jeanette Taylor and a rendering of Obama Presidential Center
Obama Center project spurs affordable housing development measure
Obama Center project spurs affordable housing development measure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...