March 31, 2015

OUR REPUBLICAN MAYOR:

Under Rahm Emanuel, Chicago Opens the Door to Privatizing Half its Public Housing  (REBECCA BURNS, 3/31/15, In These Times)

Chicago, long a pioneer of privatization, is poised to embark on a sweeping experiment with the city's public-housing stock. The Chicago Housing Authority (CHA) plans to court private investment in as much as half of its public-housing units through the Rental Assistance Demonstration (RAD), a new federal program billed as a way to "revitalize" housing for the poor and address a $26 billion backlog in needed repairs.

But housing advocates around the country worry that RAD is just a prelude to privatization. RAD, approved by Congress in 2011, gives local housing authorities broad latitude to raise funds, including the ability to mortgage or sell public-housing buildings. Critics believes that if public housing is opened up to the vagaries of the mortgage market and the whims of private developers, large swaths of low-income housing could wind up in foreclosure, or become luxury condos once RAD's affordability requirements expire.

Posted by at March 31, 2015 1:53 PM
  

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