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Record #: SO2022-3614   
Type: Ordinance Status: Passed
Intro date: 11/7/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/16/2022
Title: Designation of 1321 S Wood St as low affordability area
Sponsors: Ervin, Jason C.
Topic: CITY DEPARTMENTS/AGENCIES - Housing, - TAX INCENTIVES - Miscellaneous
Attachments: 1. SO2012-3614.pdf, 2. SO2022-3614.pdf, 3. O2022-3614.pdf
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ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois authorized to exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City's Department of Housing ("DOH"), through various programs, endeavors to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing; and

WHEREAS, the Illinois General Assembly, pursuant to Public Act 102-0175, amended the state's Property Tax Code by adding Section 15-178, as the same may be hereafter amended, restated or supplemented from time to time ("Section 15-178"), to create a new program that provides a reduction in assessed value for property on which there is newly constructed and rehabilitated affordable rental housing ("Affordable Housing Special Assessment Program"); and
WHEREAS, pursuant to Section 15-178, the Cook County Assessor's Office (the "Assessor") is implementing the Affordable Housing Special Assessment Program; and
WHEREAS, pursuant to Section 15-178, the City may designate a jurisdiction within the City as a "Low Affordability Community" by passage of an ordinance specifying a census tract or property by permanent index number or numbers; and
WHEREAS, pursuant to Section 15-178, residential real property located within a Low Affordability Community may be eligible for a reduction in assessed value for such property, upon successful application to the Assessor, if the owner ofthe residential real property commits that for a period of 30 years after the newly constructed residential real property or improvements to existing residential real property are put in service, ...

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