New property tax incentive could remake Chicago neighborhoods into havens for affordable housing

CHICAGO — A new property tax incentive meant to create or preserve affordable housing is already generating results within Chicago’s newest downtown apartment towers and in neighborhoods across the South and West Sides. City officials, housing advocates and some builders say it could also ensure future development doesn’t keep families with modest incomes locked out of downtown’s most vibrant neighborhoods. “This is something Chicago really needed, and that’s why we spent years and years working on it and getting it through the legislature,” said Curt Bailey, president of Related Midwest, whic…

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