Mayor Brandon Johnson announces four projects proposed to recieve TIF assistance at a downtown news conference April 3. [Mayor's Office Facebook page]

Four vacant commercial office spaces are proposed to become housing in the city’s central business district with city financial assistance subject to City Council approval, Mayor Brandon Johnson announced Wednesday.

"These transformative projects within the Loop signify more than a revitalization of space; they embody our city's dedication to inclusivity and growth," the mayor said in a news release.

The Loop projects total an estimated $528 million investment and could receive more than $150 million in tax-increment financing (TIF) assistance. The projects would bring more than 1,000 new housing units to the downtown LaSalle corridor, with an estimated 319 proposed to be designated as affordable and serve households making 60 percent of the area median income, or $53,000 for a two-person household.