Daley announced the plan at a news conference Wednesday. He calls the program "ambitious and creative." He acknowledges that the launch of the program comes in troubled economic times but is sorely needed.
"Local, state and federal governments have to reinvest in the private sector in regards to affordable housing. You can't have an excuse because of recession. If you do then you go back another five, 10, 15 years. And then, in turn, you are not taking care of people that need and families that need the help the most," said Mayor Daley.
Funding for the program will come from a combination of local, state, federal and private sources.
Typically, 80 percent of Chicago's affordable housing units are home to families that earn less than $60,000 dollars a year.