Last week, we hosted “Thinking Regionally: Shared Challenges, Shared Prosperity,” a Salon predicated on discussions of issues facing the Greater Hartford region and ways both urban and suburban areas can collaborate to enact change. Of the many topics discussed, particular interest was paid to issues of affordable housing as well as the notion that other American cities face similar challenges as the Greater Hartford region. One such city, Chicago, has proposed a creative solution to address both the lack of affordable rental -units and numerous vacancies.
In “Loan fund targets small rental buildings,” Mary Ellen Podmolik of the Chicago Tribune describes the proposed project. The Community Investment Corp. and numerous lenders in the Chicago area have funded a $26 million loan pool designed to entice local investors to buy rental buildings to be used as affordable housing units. The $26 million is expected to fund 200 buildings in the Chicago area.
Do you think a solution like this could work in the Greater Hartford area? What are the potential positive and negative consequences of the bill? Do you have any similar ideas regarding housing, urban and suburban relationships, or regionalism? Share below!