2014-2018
Chicago Five-Year Housing Plan
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CHICAGO DEPARTMENT OF PLANNING & DEVELOPMENT
LETTER FROM THE COMMISSIONER
We are pleased to submit the 2016 First Quarter Progress Report, which presents the Department of Planning and Development's progress on the goals set forth in the City's Five-Year Housing Plan. With this report we begin the third year of the plan, Bouncing Back, which covers the years 2014-18.
During the first quarter of 2016 the City approved funding for two multi-family development projects and launched two new homeownership initiatives: a homebuyer assistance program offering cash support for down payment and closing costs and a home improvement grant program for current homeowners living along the new 606 Trail on the Northwest Side.
As we do at the beginning of each year, the Department is also releasing estimates of housing production under our programs for the full year of 2016. This year we expect to deploy over $251 million to support almost 8,100 units of housing through programs in the following three categories:
To Create and Preserve Affordable Rental Units: $204.6 million to assist 5,610 units
To Promote and Support Homeownership: $33.4 million to assist 457 units
To Improve and Preserve Homes: $13.1 million to assist 2,007 units
The Department's resources also encompass over $3 million for other initiatives, including delegate agency programs that support our housing production efforts.
To help readers better understand the production tables included in these quarterly reports, we have included a user's guide to the Department's housing development and preservation programs. The guide is organized according to the three program categories noted above; it offers a brier description of each program along with information about funding sources and reporting methodologies.
The Department of Planning and D...
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