Affordable homeownership renewal ordinance set for reconsideration Tuesday
Aldermen are scheduled Tuesday to take a second pass at a measure designed to stretch the longevity of a city-backed affordable homeownership program.
The ordinance (O2021-446), introduced in January 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.
Meetings & Agendas