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THE ^
EBRK
Chicago Five-Year Housing^
Strengthening Neighborhoods - Increasing Affordability
2014 First Quarter Progress Report
January-March
City of Chicago ttggHa Rahm Emanuel, Mayor
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DPD
CHICAGO DEPARTMENT OF PLANNING ft DEVELOPMENT
LETTER FROM THE COMMISSIONER
We are pleased to submit the 2014 First Quarter Progress Report, which presents the Department of Planning and Development's progress on the goals set forth in the City's fifth Five-Year Housing Plan, covering the years 2014-2018. This is the first report under our new plan, Bouncing Back, which approaches local housing issues with a different perspective from its predecessors that were largely driven by expectations of a rising housing market across the city.
Mindful of the unprecedented housing market decline in recent years, the 2014-2018 plan explicitly links Chicago's housing submarkets to economic development, jobs, neighborhood amenities, land use patterns and other non-housing factors. The plan's 'sectoral' perspective distinctly recognizes areas with growing, stable, marginal or weak demand, and it addresses each sector with an appropriate level of public resources tailored to its individual needs.
The plan also establishes a timeline for implementing specific policy initiatives that were proposed as part of the planning process. In the first quarter we got off to a running start by launching three new programs, including two initiatives expressly designed to address a priority issue raised in the plan—the need for more resources direcdy focused on one- to four-unit buildings.
As we do each year, the Department is also releasing estimates of housing production for 2014, the first year of the new plan. This year we expect to deploy more than $265 million to assist almost 8,300 units of housing, through programs in the following three categories:
To Create and Preserve Affordable Rental Units: $209.4 million to assist 5,625 units
To Promote and ...
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