Put an eligible house into the Chicago land trust to lower its taxes and preserve affordability
The Chicago Department of Housing and the Chicago Community Land Trust (CCLT) want to start a novel pilot program to preserve existing affordable housing in community areas that are at risk of gentrifying. The Department of Housing asked for City Council’s permission on Wednesday at the regular Housing & Real Estate committee meeting, but was rebuffed due to insufficient engagement with community organizations.
“One of the pilot program’s unique aspects is to encourage homeowners in six targeted community areas to opt in and “put” their houses in the land trust in exchange for significantly lower property taxes and access to a $30,000 grant for home repairs and energy upgrades. All while continuing to own the house.”
The ordinance is entitled “Affordable Homeownership and Housing Pilot Program”, or AHHP (O2019–5555)....