Overview
- City officials, who unveiled the package Wednesday, committed more than $300 million to 15 developments selected under the 2025 Qualified Allocation Plan to create or preserve 1,223 rentals.
- Of those homes, 1,164 will be income‑restricted for at least three decades, with many family‑size units, senior housing, and some rents set for households at 30% of area median income.
- Total development costs are estimated at $711 million, using federal tax credits that draw private equity so public funds go further and long‑term affordability is enforced.
- The portfolio combines 12 new builds with 798 units and three rehab projects that preserve 425 existing apartments, and 13 sites sit within a half‑mile of rail or frequent bus service.
- The city also opened sales of more than 600 vacant lots at market rate through ChiBlockBuilder for potential housing or community uses, signaling the next phase of neighborhood growth.