To the editors:
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The Department of Housing’s inability to employ $23,000,000 of federal HOME Investment Partnership Program funds allocated to the city in 1992 was not, as Mr. Joravsky states, because we “couldn’t process the forms in time.” In point of fact, all of our forms were processed. However, despite streamlining initiatives, training programs, and a substantial increase in staff dedicated to underwriting loans to developers of affordable housing–which led to a threefold increase in the number of dollars committed in 1992–we haven’t yet found a way to process applications which aren’t in a state of readiness to be processed. Fortunately, HOME regulations allow 24 months for dollars to be committed; all of the unused 1992 HOME funds were able to be used this year, when applications were sufficiently complete that financing could be approved.
Last year the city did provide financing for the creation or preservation of over 8,000 units of affordable housing. Fewer than 100 (not several hundred) of these units were part of our New Homes for Chicago program, a middle-income initiative which receives only modest funding (less than $1,000,000 in the current budget year), and relies heavily on private-sector participation.
Department of Housing
Carrott says I inflated the number of units involved in the New Homes program. I used the number I got from my interview with her. If I misheard her, I apologize.
