Aldermen to introduce affordable housing ordinance

March 8, 2010 3:34:15 PM PST
A group of Chicago aldermen wants more affordable housing for residents.

The aldermen plan to introduce an ordinance this week. It would fund more affordable housing from revenues accumulated in tax increment financing accounts. They want to use about 20 percent of the money in the accounts which is roughly $100 million. The money could be used to acquire foreclosed properties and rehab them as affordable housing.

"We can make a commitment and all it takes is leadership, leadership from the top to make a commitment that this will be a city that is home to everyone regardless of their income," said Ald. Joe Moore, 49th Ward.

There are now 12 aldermen sponsoring the proposed ordinance.