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Record #: R2017-207   
Type: Resolution Status: Failed to Pass
Intro date: 3/29/2017 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Call for hearing(s) on City's involvement in Southwest and Northwest Home Equity Assurance Programs
Sponsors: Burke, Edward M.
Topic: COMMITTEE/PUBLIC HEARINGS - Committee on Finance
Attachments: 1. R2017-207.pdf
Related files: R2019-362

WHEREAS, the City of Chicago is a home rule unit of government pursuant to the 1970 Illinois Constitution, Article VII, Section 6 (a); and

WHEREAS, pursuant to its .'home rule power, the City of Chicago may exercise any power and perform any function relating to its government and affairs including promoting the quality of life and the welfare of its citizens; and

WHEREAS, the Southwest Home Equity Assurance Program is a unique program of the State of Illinois, developed to insure property values for an extended time; and,

WHEREAS, the Home Equity Program is financed by a special levy on single through six-unit residential properties within the Home Equity District that appears on the owner's real estate tax bill; and

WHEREAS, the Southwest Home Equity Assurance Program serves Southwest Neighborhoods, including Chicago Lawn/Marquette Manor, Gage Park, West Lawn, Clearing, Brighton Park, Archer Heights, Garfield Ridge, West Elsdon and parts of Ashburn, McKinley Park, New City and Scottsdale; and

WHEREAS, the Southwest Home Equity Assurance Program has a variety of programs available to benefit members including a Home Improvement Loan Program as well as other programs; and

WHEREAS, the Northwest Home Equity Assurance Program is a neighborhood-funded, neighborhood-run program, approved in 1988 by an overwhelming majority of voters on the
northwest side of Chicago; and v
WHEREAS, the Northwest Home Equity Assurance Program was created by state statute intended to guarantee home equity if your property falls below its current fair market value; and,

WHEREAS, property owners pay a small annual Home Equity tax based on their Cook County tax assessment that appears on your property tax bill; and

WHEREAS, a governing commission is appointed by the Mayor and comprised of local residents and professionals to oversee the Home Equity fund; and

WHEREAS, by law, no other governmental agency will be able to make use of these funds; and,

WHEREAS, questions abo...

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