That beautiful new bike lane, known as the 606, in Chicago has brought along with it local concerns about gentrification. The city and a local non-profit have teamed up to create a loan program to help current residents stay ahead of the curve.
"If you build a beautiful trail that winds through the city's hippest neighborhoods, they will come," writes Paul Biasco. "But a new program aimed at fighting gentrification around the 606 wants to make sure 'they' won't force longtime residents out of their homes."
Neighborhood Housing Services "is helping longtime residents living within a strict boundary around the elevated trail apply for $25,000 in "forgivable" loans to fix up their homes," according to Biasco. "The $1 million program is designed for modest-income homeowners and aims to preserve affordability along the trail."
The program received its funding from the city of Chicago. According to Biasco, the "Chicago Department of Planning and Development implemented the $1 million program, which is using funds from the city's Neighborhood Loan Program." The article includes more details about the real estate market context of the neighborhoods around the 606, which have already seen substantial new investment proposals from developers looking to capitalize on the new amenity, and the resulting fears of gentrification.
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