On the eve of a crucial committee vote in the Chicago City Council, the Sun-Times "heartily endorsed" the Sweet Home Chicago affordable housing ordinance today. The measure would set aside 20 percent of tax increment financing (TIF) revenue collected each year to fund new and rehabbed developments. From their editorial:
TIFs frequently are criticized for siphoning money from schools and the like to subsidize questionable investments that get little oversight. With this ordinance, the public would at least know how a portion of TIF funds each year would be spent.
The paper makes some constructive recommendations for tightening up the bill to "enhance development," including committing resources to once-blighted neighborhoods where older residents are now being priced out. Aldermen should consider those suggestions when they meet to discuss the ordinance tomorrow (PDF) at 10 a.m. For an analysis of the bill's support in committee, check out our post from last week.