Bridging the affordability gap in Chicago
RE Journals – There are three hurdles that have historically made affordable housing difficult to develop in Chicago: rising costs of construction, the building code and the competing priorities of the parties involved in these types of deals.
“Those aren’t necessarily issues exclusive to affordable housing, but they are issues that challenge the development community in general and their ability to finance a deal because of uncertainty,” said Dave Bartolai, vice president, McHugh Construction. “As such, each deal seems to need to be evaluated neighborhood by neighborhood, location by location, and requires the entire team to work collaboratively to address these issues from the earliest stages.”
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