UPTOWN CHICAGO COMMISSION

Uptown in the News  

September 25, 2004
Chicago Sun-Times
Commentary
Affordable housing paying off for city
By Frank Wolff

The Sun-Times has highlighted the lack of affordable housing for American families. While the assessment of national housing problems is accurate, minorities and lower-income families are making progress in Chicago, where affordable housing is clearly a priority. To help make housing more affordable to Chicago residents, the city is working with the federal government and the real estate and mortgage finance industry to offer creative and flexible financing programs, as well as bond programs and down-payment assistance programs.

A continued focus on making housing affordable and convenient could be the key element for accelerating economic expansion in Chicago's inner city. Here's why:

• Minority and emerging markets are the fastest-growing sector of the first-time home-buyer markets.
• Housing drives other closely related segments of the economy
• Housing creates jobs and additional spending.
• Affordable housing is vital to community economic health

The Chicago community should continue to rally behind the mayor to support all affordable housing initiatives and to help our city achieve the community goal of homeownership.

Frank Wolff is regional manager for Market Street Mortgage, a retail originator of residential mortgage loans.