Chicago's struggle with housing affordability might be seeing a gleam of hope as the city's latest initiative takes shape. In efforts to tackle this pressing issue, the City Council just greenlit a slew of development projects aimed at introducing more mid-level density housing throughout the city's South Side neighborhoods.
According to a press release from the City of Chicago, a total of 27 "Missing Middle" projects will come to life, bringing with them 81 new housing units across Morgan Park, South Chicago, and Chatham. These projects align with Mayor Brandon Johnson’s $1.25 billion Housing and Economic Development (HED) bond, designed to resurrect vacant lots into vibrant residential spaces, spearheaded by minority-led development teams. "As we work to combat the housing crisis and build a more affordable Chicago, its critical our investments reflect the diverse needs of families, young people, and long-time residents," Mayor Johnson explained.
The initiative not only targets neighborhood renewal but also prioritizes investment in areas that have seen too little attention over the decades. Five developers will be at the helm, constructing a mix of two- to six-unit buildings, providing a housing solution somewhere between single-family homes and high-rise apartments. These projects include a $3.8 million investment in West Chatham and a collective $7.5 million across South Chicago and Morgan Park to create a slice of stability and ownership in communities that thirst for it.
These developments offer an affordable homeownership opportunity, as the City is selling lots for as low as $1 and providing up to $150,000 per unit in HED Bond funding to set home values in line with, the current market rates. It’s a calculated push to bridge a crucial housing gap and shepherd the dream of generational wealth closer to fruition.
The first of these homes saw ground broken in North Lawndale, with plans to erect 115 residences through the same program. The Mayor's office stands firm in its commitment to more affordable living options and boosting economic scope through mature housing diversity. The third round of Missing Middle developer announcements, targeting McKinley Park, East Garfield Park, and West Garfield Park, is on the horizon for this spring.
