2013 Fourth Quarter Progress Report
October-December
City of Chicago EffiH Rahm Emanuel, Mayor
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LETTER FROM THE COMMISSIONER
We are pleased to submit the 2013 Fourth Quarter Progress Report, which presents the Department of Planning and Development's progress on the goals set forth in the City's Five-Year Affordable Housing Plan. This is the final report under our fourth five-year plan, which covered the years 2009-2013.
For the full year 2013, the Department committed $402 million to support 8,685 units of affordable housing. This represents 132% of our annual resource allocation goal and 103% of our units assisted goal.
During the fourth quarter, the Department approved financing for three multifamily development projects and conducted our annual Rents Right Housing Expo to assist tenants and landlords in finding answers to their housing questions.
As you know, the past five years have been uniquely challenging ones for all those committed to the creation and preservation of affordable housing. In the last recession Chicago was hit harder than most cities by the twin scourges of foreclosure and unemployment. Despite these obstacles, under the 2009-13 plan the City invested a total of $1.61 billion to support over 41,000 units. This represents 87.7% of the five-year resource allocation goal and 90.6% of the five-year goal for units assisted. These investments fell into the following categories:
$1.24 billion to create or preserve more than 27,400 units of rental housing
$292 million to promote and support homeowner/ship for 3,700 units
$73 million to improve and preserve more than 10,000 existing homeowner units
After three years of operation as the Department of Housing and Economic Development, during which our functions were refined to provide more efficient services in all areas of development, we are changing our name in 2014. Effective January 1, we are now known as the Department of Planning and Development (DPD), which you may recall w...
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