An amendment to the Diversey/Chicago River Tax Increment Financing (TIF) district in support of the ongoing redevelopment of the CHA’s Julie C. Lathrop Homes housing complex was approved by City Council today.

The 21.1-acre district, located in the North Center and Lincoln Park community areas, will be expanded by 12.8 acres and its budget increased from $17.5 million to $60 million to support planned improvements within the southern portion of the complex.

The work will rehabilitate seven vacant buildings, construct one new building, and demolish three others, in addition to public infrastructure improvements. The $203 million project by Lathrop Preservation IC, LP will create more than 300 new mixed-income units.

The CHA and its development partners have already rehabilitated or built nearly 500 units at the Lathrop site since 2017.

TIF is a financial tool used by municipalities throughout the United States to support investment within designated districts. TIF districts use new property tax growth within their boundaries to help fund improvements identified in their redevelopment plans.

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