Congressman's daughter's sweet housing deal

The Chicago Sun-Times reports:

Every time developers asked to build condominiums in his gentrifying 26th Ward, then-Ald. Billy Ocasio had the same answer:

Your project won't be approved unless it includes at least one "affordable home."

U.S. Rep. Luis Gutierrez's daughter's affordable condo wasn't the only project approved by the 26th Ward Affordable Housing Committee. A look at other developments -- and why City Hall isn't happy about them.

One person who benefitted from Ocasio's directive: Omaira Figueroa, the daughter of U.S. Rep. Luis V. Gutierrez, Ocasio's political mentor.

With a $140,000 loan from her parents, Figueroa bought her new two-bedroom, two-bathroom affordable condo in Humboldt Park in June 2008 for $155,000, property records show.

Little more than a year later, she sold it for $239,900 -- $84,900, or 55 percent, more than she'd paid.

The Chicago Way. The insiders get a special deal, making housing more unaffordable for the less politically connected. Who could forget Luis Gutierrez's great real estate deal withTony Rezko?