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Record #: R2015-700   
Type: Resolution Status: Failed to Pass
Intro date: 9/24/2015 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action:
Title: Support for United for Homes Campaign and call for expansion of mortgage interest tax benefits and modification of interest deductions and tax credits for homeowners
Sponsors: Burns, William D.
Topic: CITY COUNCIL - Miscellaneous
Attachments: 1. R2015-700.pdf
Related files: R2019-362
CITY OF CHICAGO RESOLUTION IN SUPPORT OF UNITED FOR HOMES CAMPAIGN SUPPORTING EXPANDED HOUSING OPTIONS AND GREATER TAX
FAIRNESS


WHEREAS, "Stable housing is the foundation upon which people build their lives - absent a save, decent and affordable place to live, it is next to impossible to achieve good'health, positive educational outcomes, or reach one's economic potential." (U.S. Interagency Council on Homelessness, Opening Doors: Federal Strategic Plan to Prevent and End Homelessness. 2010); and
WHEREAS, in Chicago there are 164,110 extremely low income renter households whose income is $21,649 or less for a family of four; and
WHEREAS, in Chicago there are only 26 rental homes both affordable and available for every 100 renter households considered extremely low-income, equaling a deficit of 101,420 rental units.
WHEREAS, 66% of extremely low income renter households in Chicago pay more than half of their incomes for rent; and
WHEREAS, this shortage of homes that are affordable and available for extremely low income renter households is the cause of homelessness in the United States; and
WHEREAS, extremely low-income renter households should have access to quality affordable housing in every neighborhood in Chicago; and
WHEREAS, Congress established the National Housing Trust Fund in 2008 as a dedicated source of funding for the production, preservation, rehabilitation, and operation of housing for people with the lowest incomes, including people who are homeless; and
WHEREAS, investing in the National Housing Trust Fund will create jobs in the construction trades and in property management; and
WHEREAS, for every $5 billion appropriated to the National Housing Trust Fund, approximately $238,900,000 would be allocated to Illinois; and
WHEREAS, the mortgage interest deduction is under consideration for change by the U.S. Congress; and
WHEREAS, over three-quarters of the benefit for the mortgage interest deduction goes to households with income in the top fifth of...

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