August 28, 2007

Listening is a Skill

* Joe Moore Lies About TIF Project and Funds

Last night Joe Moore made a big deal about no section 8 vouchers were being issued on the 6610 N. Sheridan $2 million dollar TIF hand-out. I recorded his lie on video.

Later in the meeting a neighbor asked the developer if section 8 vouchers would be accepted. He said Yes. So that means, this property will be locked into a 30 year section 8 agreement. This property is basically going to be transformed into another Broadmoor. . . . . More and Video


Posted by Craig Gernhardt


If you listened closely, you should have noticed the difference, but if not, there was a clear distinction drawn between a "Section 8 Project" and a "Section 8 Voucher". The Northpoint Buildings are Section 8 Projects. The rental payment stays with the building when a tenant moves and the new tenant moving in receives the benefit. This type of project based voucher cannot be started today as I understand it. A Section 8 Voucher which is what Mr. Hole refers to belongs to the tenant and that voucher moves with the tenant wherever the tenant moves to provided they follow the rules.

Moore went on further to explain that landlords in Cook County must accept a tenant with a Section 8 Voucher, provided that the voucher holder meets the same screening requirements that anyone else would have to meet. It is an ordinance that protects the tenant with the voucher from discrimination for financial reasons. Again though, it does not protect them from any other standards that are legal and applied equally to all applicants.

Moore didn't lie. Mr. Hole didn't listen, and by the way, the building is under the same requirements now regarding Section 8 Voucher holders. They have to take them today too.

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August 24, 2007

Major Investment In Rental Housing on Sheridan Rd. Brings Hope

49th Ward Zoning & Land Use Meeting

ADVISORY COMMITTEE AGENDA

Tuesday, August 14, 2007 - 7:00 PM

NEW BUSINESS: TIF Assistance Request, 6610-28 North Sheridan Road

Ayman Khalil and Kareem Musawwir of Inverbrass Funds, LLC, will present their proposal to rehabilitate a “four-plus-one” apartment building at 6610-28 N. Sheridan Rd. and preserve 116 units of rental housing.

The proposal calls for approximately $2 million in assistance from the Sheridan/Devon Tax Increment Financing District.


Posted by Craig Gernhardt


Accepting this project at face value, this is the kind of project we need to see to maintain the kind of diversity we have all said we want. I hope these guys are genuine and that they do good work. Using TIF dollars isn't the greatest thing in the world. TIF's are used for both good things and not so good things, but in this case it appears to be for a community good. One can only hope these guys will be able to find more projects and will swing the financing piece without tax payer support.

Overall, the pendulum is swing back in favor of rental housing again and since we all know the condo boom is over maybe this next period of time will be when the rental stock, still much more than half of all housing in RP, will see a renaissance. There was a first condo conversion oh so long ago. I am keeping my fingers crossed.

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