Oct 27, 2009 5:13 pm US/Central
Homeless Advocates: Use TIF For Affordable Housing
CHICAGO (CBS) ―
-
-
Homeless advocates say money from TIF funds could be used to create affordable housing, like this development on the site of the Cabrini-Green housing projects.
CBS
You've heard about Chicago's huge budget hole. But you probably haven't heard about a billion dollar pot of money that some alderman now say could be a life-saver for people struggling to put a roof over their heads.
CBS 2's Jim Williams reports that the so-called TIF funds are used to redevelop blighted neighborhoods. Advocates for the homeless say with so many people struggling in a bad economy, how about using more of that money to build affordable housing?
For most of her life, Carol Aldape was doing fine.
"A lot of years, I had my own apartment, and worked, raising a son, and make it through," Aldape said.
Aldape learned she had multiple sclerosis and became disabled. She lost her job, couldn't afford an apartment and ended up homeless.
"When I became homeless, I decided that I wanted to not be a burden on my family," Aldape said.
It's for the Carol Aldapes of Chicago that Alderman Walter Burnett has a proposal.
"We need to do our own stimulus package," said Ald. Burnett.
A stimulus package he and advocates for the homeless insist could come from city money that's helped create new neighborhoods, like a development on the site of the Cabrini-Green housing projects.
They say there's $1.5 billion in so-called TIF funds. Tax-increment financing funds invest in a community. The city puts in money, and any new revenue from property taxes stays in that same area for other improvements.
Homeless advocates say there is no more important improvement than affordable housing.
"You build the houses, people work, people get affordable housing, people pay taxes, money comes back to the city," said Ald. Burnett.
Right now, only 4 percent of TIF funds are used for affordable housing. Burnett and homeless advocates want that increased to 20 percent.
"Building new housing that's affordable to folks that are living in the neighborhood, that are really struggling with their housing costs," said Julie Dworkin, Chicago Coalition for the Homeless.
Carol Aldape eventually got an apartment funded by the REST charity. But she knows others on the street will never be so fortunate.
"Anybody can get sick and lose it, and be put out of their apartment," Aldape said.
There are very strict rules on how TIF funds can be used. They're for neighborhood investment, not to pay for city services.
Because of the rules, several steps would have to be taken to make more of that money available for affordable housing. The City Council would have to approve it and state legislature would have a say.
Ald. Burnett says he's talking with the Daley administration to try to win its support.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
The Tattooed Ladies of Hollywood
Click to enlarge
Stumble It!
Reporting
Comments