Chicago Housing Authority Receives 70$ Million for Redevelopment

Posted in HUD Homes, August 31st, 2006 |

Today, HUD granted the Chicago Housing Authority a 70$ million bond to help them refinance and allocate the funding necessary to repair and redevelop public housing all over the city. The bond allowed the Chicago Housing Authority (CHA) to refinance existing bond loans, which ended up significantly decreasing their debt and freeing up money to do the housing overhauls that have been long-needed.

This refinancing is the first of its kind, and may become available to other Housing Authorities across the nation as well.

The CHA plans to revamp and modernize many of its existing units to improve the quality of life for residents, including the Trumbull Park Homes, Altgeld Gardens, and Washington Park. The plan includes replacing more than 18,000 distressed public housing units with 25,000 new or modernized units by 2010.

These new units probably won’t become available for a while, but will be open to FHA, VA as well as HUD housing grants and mortgage assistance programs as well once they do.