CHICAGO (WBBM NEWSRADIO) -- Chicago is investing an unprecedented amount of money into affordable housing, according to Mayor Lori Lightfoot.
Twenty-four developments with more than 2,400 units are getting one billion dollars in low-income housing tax credits.
"All in all this is the largest private sector-led affordable housing announcement in our city's history," she said.
Housing Commissioner Marissa Navara said all of the proposals will involve minority-owned firms.
"Our first recommendation in the racial equity assessment is that we ensure people of color-developers, professional service providers benefit from and build wealth from the creation of this housing."
The administration said the developments are spread across the city and 75 percent are near public transit. The city is also buying six acres of vacant land in Pilsen for development.
"Today's announcement has been more than six years in the making with the people of Pilsen standing shoulder-to-shoulder, demanding affordable housing, and that collective fight was for the social fabric of an entire community that stretches beyond this intersection," Alderman Byron Sigcho-Lopez said in a statement.
"Thanks to our city and to our community, this is how we stop displacement together."
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