In order to align the financing mechanisms with community interests in connecting the areas west and east of Cottage Grove, the two Tax Increment Districts should be merged into one. Continued (or past) gentrification of East Woodlawn would generate a source of funds for both financing affordable housing in the stronger eastern part and also for stabilizing investments West of Cottage Grove.
While supporting new homeowners is one focus, another focus must be allowing current owners to upgrade their homes. Supporting their ability to refinance allows them to invest in their buildings as well, further upgrading the neighborhood. Several options exist. First, homes can be refinanced through the 203(k) loan program. Second, the TIF-Neighborhood Improvement Program has begun or will soon begin to provide renovations for existing homeowners covered by the West Woodlawn TIF, up to $22,500 for a 4-unit building, with up to 30% available for interior repairs that are health and safety related. Finally, NHS of Chicago also provides renovation loans. Facilitating greater access requires publicizing these existing opportunities, and possibly leveraging the TIF-NIP program with additional funds.
S. B. Friedman & Company. (1998). Woodlawn redevelopment project area; tax increment financing eligibility study, redevelopment plan and project.
Date Published or Accessed: 1998-09-00 September 1998
Laube Consulting Group. (2010). West Woodlawn eligibility study, redevelopment plan and project amendment #1. Department of Community Development.
Date Published or Accessed: 2010-07-00 July, 2010