FEB 17, 2021
Affordability renewal ordinance stalls amid questions about city-backed homeownership program
A City Council committee punted approval of an ordinance designed to stretch the staying power of a city-backed homeownership initiative on Tuesday as aldermen raised questions about the underlying program.
The ordinance (O2021-446), introduced last month by Mayor Lori Lightfoot on behalf of the Chicago Department of Housing, would restart the clock on city-imposed 30-year affordable housing covenants every time each home changes hands. It only applies to for-sale homes administered through the Chicago Community Land Trust, a city-backed nonprofit designed to forge a path to homeownership for low- and middle-income residents.
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