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City Hyde Park development
and its new TIF* District and promotion of affordable housing:
Statement/Letter of the Coalition for Equitable Community Development
*Tax Increment Financing, a development tool under the laws of the State of Illinois. The CHP Development was split off from the 53rd St. TIF into its own Pin-only TIF in fall 2012. It will continue under monitorship of the 53rd St. TIF Advisory Council, appointed by the 4th Ward Alderman.
CECD is dedicated to the preservation of an economically and racially diverse community of Hyde Park-Kenwood Chicago open to persons of various income levels. A key aspect of such diversity is housing affordable to persons of various income levels.
The following letter was sent to the City of Chicago Department of Housing and Community Development, Alderman Will Burns, Antheus Capital/Silliman Group, the 53rd St. TIF Advisory Council, and community stakeholders by George Rumsey, President, CECD in the summer of 2012.
This proposal includes 38 new units of affordable rental housing, which will be the first of its kind in many, many years in our community. CECD's mission is to preserve the economic diversity of our neighborhood , and the creation of this TIF and the resulting development will move us in that direction.
George W. Rumsey, President, for the CECD Board