Class 9 reduces the assessment rate on rental projects that involve substantial rehab or new construction, and where at least 35% of the units have "affordable rents." Projects approved for Class 9 status are assessed at the same 16% rate used for single family properties. Class 9 is an important development tool that allows for the construction of affordable rental housing in the county, but it was previously limited to census tracts with majority low and moderate income households.
In April 2002 the Cook County Board of Assessors adopted CRN’s recommendation that Class 9 be extended to all areas of the county to help foster affordable housing development even in census tracts that were never, or are no longer predominantly low and moderate income according to the 2000 census.
In the News
Return to County Policy