Mayor Johnson planning to let the District City’s tax increase financing by using the money to pay the charges.
Mayor Johnson Announcing a Plan for Funds for Housing and Development
During Wednesday’s City Council meeting, Mayor Brandon Johnson announced his plan to borrow $1.25B to supply the Housing and Development projects.
In a radical shift from how directly funds the City, Mayor Johnson proposes to pay the large borrowing package by burning out the other important. The TIF districts lead tax dollars away from the city’s common resources to pay for local projects. According to Suntimes.
READ ALSO: Chicago plans to borrow over $1 billion as it weans off TIFs!
What does Johnson talk about the plan of borrowing money used to pay?
The association proceeds by dividing equally $625M each for the City’s Department of Planning for Housing and Development.
The Department of Planning and Development used to spend:
- Neighborhoods Development grants: $400-500M
- Small Business: $82.5-115M
- Jobs and Manpower $57.5-90M
The Housing Department used to spend:
- Construction and Maintenance of Affordable Rental Homes: $360-$390M
- Maintenance of Homeownership: $210-$240M
- Maintenance of Single-room occupancy: $20-$30M
As the officials said, a new profit would reservoir a mix of remaining and new programs.
READ ALSO: Housing and Economic Development Bond: February 2024
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