What's Happening?
The Reclaiming Chicago coalition has been awarded the third Chicago Prize, a $10 million grant from the Pritzker Traubert Foundation, aimed at revitalizing neighborhoods on Chicago's South and West sides. The coalition plans to use the funds to develop
approximately 2,000 new affordable homes in areas such as Chicago Lawn, Roseland, Back of the Yards, and North Lawndale. This initiative seeks to transform entire neighborhoods by developing large vacant lots into clusters of affordable homes, thereby stabilizing vulnerable communities and increasing homeownership opportunities. The strategy involves leveraging the prize money to attract further investment and demonstrate the feasibility of affordable housing development at scale.
Why It's Important?
This initiative is significant as it addresses long-standing issues of disinvestment in Chicago's South and West sides, areas that have historically faced economic challenges. By creating affordable housing, the project aims to stabilize these communities, increase density, and improve economic health. The development strategy could serve as a model for other cities facing similar challenges, potentially catalyzing broader urban renewal efforts. Additionally, the project highlights the importance of visibility and connections in attracting investment, as seen in previous Chicago Prize winners who successfully completed large-scale community projects.
What's Next?
Reclaiming Chicago plans to begin its development efforts at a 17-acre site in the Chicago Lawn neighborhood, with the construction of 125 new homes. The coalition will use a revolving loan fund to finance new home construction, reducing reliance on private investment and accelerating development. The success of this initiative could encourage other developers to adopt similar strategies, potentially leading to widespread affordable housing development across Chicago. The project also aims to boost local commercial corridors, further enhancing community development.
