Illinois far from meeting high demand for affordable housing units – WGEM (Quincy)

The state prioritized developments in areas disproportionately affected by COVID-19, contracts with disadvantaged and underreported businesses, project labor agreements, and contracts with registered apprenticeship programs. Two of the projects are in Chicago, seven are in the Chicago metro area, six are in other metro areas of the state, and five developments are in rural communities.
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susan
3 years ago

This is simple math. America has a 1% property tax rate (in return for sufficient quality social service provision). For similar mediocre or worse quality social service provision, Cook County charges 2% property tax rate, 3% in many collar counties, and almost 4% in McHenry County. The property tax rate is capitalized into the cost of housing (“affordable” or not). 2-3% extra payment (in return for zero additional value) of total home value per unit is thousands of dollars more per year in a State which does not have opportunities to earn thousands of dollars more per year to balance… Read more »

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