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Mayor Rahm Emanuel's housing agency has been pulling hundreds of millions of dollars from a fund earmarked for its affordable housing program and using the money instead to boost its pension, purchase government debt and build up a staggering cash reserve.
The agency's massive cash reserves were first noticed by the Chicago Housing Initiative, a coalition of tenants. The Center for Tax and Budget Accountability, a Chicago-based watchdog group, later produced a report on the stockpile, leading to a spate of news coverage over the summer. But the fate of much of the money the housing agency has stashed away has so far gone unreported. Through a series of open records requests, the Chicago Housing Initiative and the Center for Tax and Budget Accountability obtained internal documents revealing that under Emanuel, the CHA has become as much an investment fund as a housing agency.