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On October 4, the Mayor and Village Board approved an affordable housing Ordinance that requires new housing developments to include a certain percent of units available to low-to-middle income households in order to increase housing opportunities for a diverse population and to provide housing for those who live or work in the Village.
Under the ordinance, new residential developments will be required to provide up to 10 percent affordable housing for households with incomes that do not exceed 100 percent of the area medium income (AMI). Rental developments with more than 50 units are required to dedicate half of their affordable units to those households with incomes that do not exceed 80 percent AMI and the other half to households with incomes that do not exceed 100 AMI. Following resident input, Mayor Daniel C. Shapiro asked the Village Board to lower the income threshold from the previously proposed 120 percent AMI. The Ordinance also includes building permit fee waivers and a density bonus for affordable units.
“It’s important for our community and for those hoping to come to our community,” Shapiro said. “This Ordinance is a tool to further assist us with increasing the supply of affordable housing in our Village and encouraging diversity, allowing low-to-moderate income families to access better employment and educational opportunities.”
Former Mayor Harriet Rosenthal and the Village Board initially sent the issue to the Plan Commission for study in July 2020. Mayor Shapiro thanked the Plan Commission and Village staff for their hard work in developing the Ordinance.