What's the cost of affordable housing

What's the cost of affordable housing in Chicago?

Alloggio 1sett fa 3 answers • gabriel

I've been reading about the renovated Leland Hotel in Uptown and the affordable housing units it will offer. I'm wondering if the cost is really that low, $553,271 per unit. Can anyone break it down for me?

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3 Answers

Diego Almeida • 1sett fa

I'm unsure if the title is being sarcastic, but it's worth noting that renovating existing units is generally less expensive than building new structures. In both cases, the issue is that the city government is spending three times more than private construction on such projects.

Rocio Ibarra • 1sett fa

This building was renovated and received TIF funds back in 2005. By the time the current 'renovation' is complete in 2028, the total amount spent on 'renovations' over the past 20 years will be $74,200,000, which works out to $693,458 per unit. It's puzzling to see where the funds are being allocated.

santiago • 1sett fa

To achieve genuine affordable housing gains, it's essential to utilize existing buildings that have already been paid for. Any new construction will inevitably require significant subsidies to make it affordable for the average person.

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