What will you do to increase housing stock that is affordable to those at 15% to 30% of AMI?

Housing & Affordability

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Without sufficient grant or soft funds, it is challenging to develop affordable housing and support debt service with units that are occupied by residents earning 15-30% AMI. As mayor, I will support housing developments that include units for severely cost-burdened residents. And I will advocate for Chicago receiving its equitable share of funds from the National Housing Trust Fund. Announced last week by the Federal Housing Finance Agency, the fund, created eight years ago, finally had seen the suspension on funding lifted. Created by the Housing and Economic Recovery Act of 2008 (HERA), the law requires Fannie Mae and Freddie Mac to pay a small portion of their annual volume of business into a fund that will be used in large part to fund rental housing to benefit extremely low income households. The first funds are expected to be allocated in early 2016.