In a move applauded by housing activists around the city, newfederal housing legislation has eliminated one of the most seriousthreats to Chicago's low-income housing stock.
The new law, which takes effect in January, places a host ofrestrictions on developers seeking to prepay mortgages on housingprojects that received financial support from the U.S. Department ofHousing and Urban Development.
The severity of the restrictions is expected to force owners ofHUD-sponsored property to preserve more than 10,000 low-incomeapartments in Chicago.
"These are critical properties and it is imperative that we holdonto them," said Salvatore V. Ferrera, president of …
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