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Committee on Finance - Video
Published: Jul 13, 2026
Committee Approves Financing for Levy House Senior Housing Rehabilitation
The Finance Committee approved an ordinance authorizing the issuance of up to $15 million in tax-exempt bonds, up to $5.5 million in multifamily loan funds, and the restructuring of an existing city home loan for the Levy House Rehabilitation Project. This project will preserve and renovate 57 units of affordable senior housing at 1221 West Sherwin Avenue, with 47 units restricted to seniors earning up to 50% AMI and 10 units at 80% AMI. The total development cost is approximately $30.4 million. The rehabilitation includes replacing building systems, masonry repairs, and accessibility upgrades. Residents will be temporarily relocated during construction. The project aims to maintain affordability for seniors aged 62 and older, with most units restricted to extremely low-income seniors.
Financing Approved for Levy House Senior Housing Rehabilitation
The Finance Committee considered and approved an ordinance authorizing the issuance of financial assistance for the Levy House apartments rehabilitation project. The committee also approved the restructuring of an existing city home loan. The project involves renovating 57 units of affordable senior housing at 1221 West Sherwin Avenue, with total development costs of $30.4 million. The rehabilitation will include system replacements, masonry repairs, and accessibility upgrades. Residents will be temporarily relocated during construction. The project aims to preserve affordability for seniors aged 62 and older, with a significant portion reserved for those at or below 30% AMI.
Committee Approves $5.87 Million TIF for Villa Guadalupe Senior Housing Rehabilitation
The Finance Committee approved an ordinance authorizing the use of up to $5.87 million in Tax Increment Financing (TIF) funds for the rehabilitation of the Villa Guadalupe Senior Housing Facility at 3201 East 91st Street in the 10th Ward. The project, with total development costs of $16.7 million, will renovate the 53-unit building, which primarily serves extremely low-income seniors at risk of homelessness. The rehabilitation includes facade repairs, roof replacement, elevator modernization, and interior upgrades. Residents will be temporarily relocated during the estimated 12-18 month construction period, with no permanent displacement anticipated. Claretian Associates, a BIPOC-led non-profit, is the lead developer, and Power and Sons Construction Company, a minority-owned firm, is the GC. TIF funds will be dispersed in installments over the course of construction.
Baker Tilly Appointed as City's Financial Statement Auditor
The Finance Committee approved the appointment of Baker Tilly US LLP, along with a consortium of minority and women-owned accounting firms, to conduct the City of Chicago's financial statement audits for fiscal years 2026 through 2029, with three one-year extension options. Baker Tilly was selected from five responding firms based on their proposed transition plan, senior involvement, public sector experience, and MBE/WBE participation (40% total: 27% MBE, 12.3% WBE). The annual fee is $2.337 million, with a 4% annual increase. Concerns were raised regarding the classification of the MBE/WBE firms and the inclusion of the Sales Tax Securitization Corporation in the audit scope.
Committee Approves $1.06 Million TIF for Bus Turnaround Improvements
The Finance Committee approved an ordinance authorizing the execution of an intergovernmental agreement with the Chicago Transit Authority (CTA) to provide $1,066,675 in Tax Increment Financing (TIF) assistance for improvements to the Division and Austin CTA bus turnaround project in the 29th Ward. The project, located at 1157 North Austin Boulevard, will address aging infrastructure by repairing concrete, reconstructing curbs, installing new windbreaks and canopies, upgrading lighting, and renovating the employee restroom. CTA will use its internal forces for construction, funded entirely by the Austin Commercial TIF. The improvements aim to enhance customer experience, public safety, and accessibility.
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