Oct
08

Chicago Housing Authority Plans on Hold

October 08, 2012

plans for real estate in ChicagoThe Chicago Housing Authority (CHA) Plan for Transformation is currently stalled, and the CHA is planning to soon unveil a new plan that will make it easier to provide housing.

The Plan for Transformation began 12 years ago, and its goal was to revamp the market for real estate in Chicago by working with developers to build communities for low-income Chicago residents.

The main reason for the project being put on hold is that developers have had difficulty figuring out how to sell homes, even when they redevelop in popular areas. In the past decade, builders developed 2,314 units as part of the plan, but they still have 3,126 for-sale homes that need to be built.

For example, at Parkside of Old Town on West Division Street, for-sale units have not been earning the minimum $250 per square feet that it cost to build them.

Now the CHA is considering putting together a building plan that doesn’t necessarily rely on market-rate housing. During the past year, the CHA has been gathering feedback from the public, developers and advocates in order to make changes to the current plan.

To find out more about the Plan for Transformation or to share your thoughts on recent CHA projects, visit the Chicago Housing Authority website.

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Jessica Thom

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