The ordinance approves the issuance of $5.5 million in Tax Increment Financing (TIF) funds for the redevelopment of LeClaire Courts North, located at 4400 S Cicero Avenue. The project includes the construction of 138 affordable residential units targeting low- and moderate-income households. This initiative aligns with Chicago's commitment to increasing affordable housing and revitalizing the area. The funds are allocated from the Midway and Cicero/Archer TIF districts to support the redevelopment agreement.
This decision addresses the critical need for affordable housing in Chicago, providing stability for low- and moderate-income households. It also revitalizes a key area, contributing to the city's broader economic and social objectives.