MAR 17, 2021
Land trust renewal ordinance breaks through following gush of support from nonprofits
A measure designed to stretch the life of a city-backed affordable homeownership program secured a near-unanimous endorsement from a City Council Committee on Tuesday after a chorus of nonprofit housing advocates voiced their support.
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.
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