The Chicago City Council has recently passed multiple ordinances aimed at enhancing housing affordability and promoting economic prospects. One such measure under the Johnson Administration includes an amendment to extend the Construction and Permanent Senior Loan term for Imani Village, a senior living community in Pullman, to 42 years. This intervention aids the seniors in accessing affordable housing in that district, according to an official release.
The Council, to further ensure affordable housing, has also sanctioned $6 million for the Lakeview Landing project. This six-story edifice in Lakeview will provide 37 fully accessible one-bedroom units to individuals earning 30% or less of the Area Median Income (AMI). Through project-based vouchers to guarantee affordability, all units on the premises will be heavily subsidized, per the official release.
Also, the ordinance strengthening the United Yards 1A redevelopment project has received approval. This venture, totaling an estimated expenditure of $41,977,912, intends to stimulate economic expansion and furnish new housing prospects for residents. Additionally, local youth will benefit through accessible technology and business resources, as stated in the news release.
Mayor Brandon Johnson has recently proposed to the City Council to make use of a Cook County Class L property tax incentive for the rehabilitation of Cermak Road Bridge District's 114-year-old W.M. Hoyt Co. building. This $40.8 million project is slated to convert the historical structure into a hotel and commercial facility, according to an official statement.
Mayor Johnson is proposing a $2.5 million Neighborhood Opportunity Fund (NOF) grant to help turn the deserted St. Laurence School building in South Shore into a public arts center. Based on the proposed plan, this $9.3 million endeavor will accommodate a wide array of artistic activities through public workshops, as mentioned in the press release.
The Kenwood Academy High School will receive an additional amount of $4.75 million in Tax Increment Financing (TIF) assistance to offset the rising costs of campus enhancements. Public school improvements take a significant spot on the City's priority list, per the official release.
One of these, the Brewery Outdoor Patio Zoning Ordinance, has updated the Zoning Code, to enable liquor licensees in the M1 Manufacturing District to apply for Outdoor Patio Licenses at grade level by rights, assisting multiple breweries' growth within the city, according to an official announcement.
This change may save potential applicants time and money by shifting the review process from the Department of Planning and Development or the Zoning Board of Appeals to City Council for approvals, such as eliminating setbacks, making reductions in parking and loading, and raising the commercial floor area by up to 10%, according to the press release.
