Affordable housing is a valuable community asset which is usually created though substantial public investment. Once a property is placed in service property taxes are the single largest operating expense. Reducing or eliminating this expense will maintain the initial public investment, slow rent increases and allow for the development of more affordable units at lower rents.
Controlling property tax growth allows long-term renters and owners to stay in communities. The property tax proposals CRN advocated through the Valuing Affordability: Preserving Neighborhoods campaign are designed to encourage the preservation of existing affordable housing and the development of new affordable housing in communities across the Chicago region. Several of them have been adopted by the Cook County Board of Commissioners, including:
PASSED! Class 9 Extension
PASSED! Class 3 Reduction
PASSED! Section 8 Preservation
In Progress: Nonprofit Affordable Housing Exemption
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