Balanced Development Ordinance
We're seeing lots of movement these days on housing affordability.
Community groups are coming together to back an ordinance that would require developers of new construction or rehabbers of buildings of 10 or more units to set aside 15% of the units at affordable prices. The other option would be to require developers to make a payment to the Chicago Low Income Housing Trust Fund. The Low Income Housing Trust Fund was instrumental in funding many of the properties featured in the City of Chicago's recent Cavalcade of Homes.
Judy Roettig, Executve Vice President of the Chicagoland Apartment Association, says that her group is seeing rent increases of 5 percent to 6 percent in early 2007.The 300 member CAA represents more than 600 properties and more than 136,000 apartment units in the greater 6 county Chicago area. That does not include many owners of smaller apartment buildings.
On Tuesday, November 14th members of the 30th Ward, Logan Square neighborhood met at McAuliffe School to ask Alderman Ariel Reboyras to sign on as a sponsor of the Balanced Development Ordinance. Residents say that if Alderman Reboyras says "yes," he will be the 26th alderman to support the ordinance, which is currently not backed by Mayor Daley.
A recent study by the Lakeside Community Development Corp found that Rogers Park has lost 900 apartments a years since 2003. They are calling for a comprehensive affordability set-aside ordinance. Here's the audit. Download file
