Why is Chicago Always Talking About TIF?
Mayor Brandon Johnson recently announced a plan to borrow $1.25 billion for housing and development investments and pay the debt by letting TIF districts expire. TIF, or tax increment financing, allows cities to use property taxes in designated areas to fund development in those areas. The number of Chicago’s TIF districts has grown dramatically since first used in the 1980s, and at one point, about a third of the city’s area was covered by one. So we asked University of Illinois Chicago urban planning professor and TIF expert Rachel Weber how exactly do TIFs work, has Chicago over relied on them, and can Mayor Johnson’s plan produce more equitable investments?
Good News: Chicago Public Library Maker-in-Residence
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