By Berry Craig
P3 Kentucky Staff Writer
Chicago’s Barwell Manor Homes could be renovated as early as next year.
“The renovations — a down-to-the-studs job designed to make the buildings look like new — will be funded through a U.S. Department of Housing and Urban Development (HUD) program aimed at leveraging private dollars to improve public housing,” executive Director Charles Chambers said in a story by the Chicago Tribune.
The program allows private investors the chance to become partial owners of housing for a specified number of years. Investors earn income and tax credits from the Section 8 vouchers post-renovation in exchange for providing the upfront capital needed to fund the improvements.
The program plans to address the $26 billion backlog of deferred maintenance nationwide without spending more public dollars, according to the report.