Ordinance O2025-0015655
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Support of Class 9 Tax incentive for property at 4920 N Sheridan Rd
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The Illinois General Assembly's amendment to the Property Tax Code allows the Cook County Assessor's Office to implement the Affordable Housing Special Assessment Program. The City of Chicago, recognizing a housing affordability issue, can designate areas like the Uptown Community Area, where 4920 N Sheridan LLC is building, as 'Low Affordability Communities'. An ordinance declares the project real property a Low-Affordability Community, effective 10 days after passage, with developers committing to keep 20% of units affordable for 30 years.
