Chicago Tribune Cover Story: Chicago Housing Authority stockpiles cash, pays debts as families languish on waiting list
January 13, 2017
"While tens of thousands of families languished on a waiting list for assistance, the Chicago Housing Authority paid off practically all of its debt and overfunded its pension plan, according to a report released Friday by the bipartisan Center for Tax and Budget Accountability.
The agency also socked away hundreds of millions of dollars in cash reserves even as its ambitious plan to replace thousands of demolished public housing units lagged years behind schedule."The CHA saved money by paying off their bonds early," said Daniel Hertz, senior policy analyst at the CTBA. "But the trade-off is that thousands of families didn't receive housing assistance."
By the end of 2016, the waiting list for housing assistance stood at more than 119,000 households."