Official PEDCOR Companies website:http://www.pedcorcompanies.com/
Alderman Hamerlinck has a post here
explaining what this company wants to do, so I suggest that everyone read that post first. Just keep in mind that its spelled PEDCOR and not PETCOR. I believe it was Alderman Hamerlinck that called for last night's meeting on this subject.
The representative from PEDCOR, Joseph E. Whitsett, was certainly a good salesman. He had people offering to sell him lumber, satellite service, cleaning service, and contractors by the end of the meeting. He also explained the Section 42
housing stuff better than I have ever heard it explained before. Essentially the government allows companies to use cheaper financing methods if they limit their residents to 60% of the average local income. Most people would call that low income, but Mr. Whitsett was quick to point out that the average is around $60,000, so someone making $34,000 would be eligible to live in these apartments. Also, the rent isn't subsidized by the government, so the rents start at $550. This is the same financing that the Davenport Lofts use, but I never really understood the 60% of mean local income thing. PEDCOR even provided a list of some harmless sounding professions where the average pay fits into this range, such as school bus driver, graphic designers, or legal secretaries.
I'd call it low-to mid income housing, but some people would still be happy that its north of Locust. The question is always how well the complex is managed. The complex north of Culvers at 53rd and Jersey ridge is low income housing, and much gloom and doom was predicted when it was built. However, its been several years now, and it still seems to be in good condition, and I don't hear many police calls to it. Its all about the management, so I guess the only question is whether we trust PEDCOR Companies to run a low income apartment complex without turning it into Cabrini Green.