A new property investment initiative by the Chicago Housing Authority may help large families find housing in the city.
The $16 million initiative, which will be considered at Wednesday's committee meeting, will allow CHA to buy units with three or more bedrooms.
A lot of families on the CHA waiting list need these units, says Matt Aguilar, manager of media relations for CHA.
"The project will address the need of some of our larger families that were here on October 1st, 1999," say Aguilar.
The plan, which is an amendment to CHA's Moving to Work agreement with federal housing officials, would take advantage of falling home prices and the availability of units that may be in foreclosure. The public housing authority hopes to acquire these units and, if necessary, rehabilitate them before leasing them to low-income families.
The number of families needing larger units is taken from the records of families living in public housing in 1999, before the Plan for Transformation began. That number may change when CHA updates its system information.
The amendment will be considered at the Finance and Audit committee meeting at 1 p.m. Wednesday at CHA headquaters, 60 E. VanBuren St. If approved by committee, the amendment will then be considered by the full Board of Commissioners at their monthly meeting at 2 p.m.
Staff Writer Megan Cottrell covers public housing for the Daily News. She can be reached at 773-362-5002, ext. 12.