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Originally Posted by bhawk66
What exactly is "public sector financing" again? I skipped that day of class. I'm sure it's a joke but I am all ears.
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This is a little out of date, but sort of gets to the point of what developers could potentially do in the near future- basically supplying 20% affordable for a property tax break. If/when this happens (in whatever form), then they'll *likely* be looking for financing for the affordable part.
https://www.chicagobusiness.com/greg...incentive-plan
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As now written, the bill would entitle any developer who builds or substantially rehabs a structure with at least six units to enter a program in which taxes on the new structure would be held at the pre-construction rate for two years. The break would drop an additional 20 percent every two years until hitting zero after 10 years.
In exchange, the developer would have to offer rents on at least 20 percent of the building’s units at rates affordable to tenants with a household income no more than 60 percent of the area median. That’s roughly $41,242 in metropolitan Chicago, according to U.S. Census data.
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