Affordable Housing Committee Meeting Minutes ~ 6.23.21

Affordable Housing

April 20, 2024

Location of meeting:  Via Zoom

Time meeting was called to order: 7:00pm

Kristin led the meeting as Nan was travelling.  Agenda Items:

  1. IL HB2621 passes the legislature and is waiting for the governor’s signature (he will sign). Known as the Affordable Housing Omnibus Act, provisions include:
    1. An amendment to the AHPAA that clarifies that Home Rule is not an exclusion for filing a Housing Plan.  All non-exempt municipalities (includes Park Ridge) need to file a Plan with the state.  The Attorney General now has enforcement powers.
    1. Creates tax incentives for developers who designate at least 20% of their housing units as affordable.
    1. Offers a tax break for multifamily properties in Cook County that are financed through Low Income Housing Tax Credits.
    1. Appropriates more funding for affordable housing

We are not sure how the city will react to the new law but think it will make it difficult for the city to avoid the issue of affordable housing and the submission of a Housing Plan.

Time Meeting Adjourned:  @7:40pm                                                           Next Meeting Date:  July 20th AT 7:00pm via Zoom