Residents protest TIF dollar usage

July 30, 2009 5:12:37 PM PDT
A new report claims taxpayer money used to subsidize new developments is doing very little to create affordable housing in Chicago. Several community groups flooded city hall on Thursday, calling for a change in the way tax dollars are given out.

TIF districts provide tax breaks for builders to encourage redevelopment of blighted areas, but opposed to it say many developers are building homes that are too expensive and the gentrification is pushing out families who need housing the most.

"We see the distress in our neighborhoods we have to be proactive, tax increment financing can help our communities by stabilizing them and offering more affordable for our families," said first ward Alderman Manny Flores.

Several aldermen support a change in the way TIF dollars are handed out.

The community groups want 20 percent of TIF money to be set aside for developers who build affordable rental units and for sale housing.


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