CHICAGO – A new form of property tax relief, known as the Affordable Housing Special Assessment Program, launches today thanks to a new affordable housing law championed by State Senator Sara Feigenholtz (D-Chicago).
“The affordable housing crisis in Illinois was amplified during the pandemic,” said Feigenholtz. “This new law provides incentives to local mom and pop landlords and new developments aiming to keep rent more affordable and avoid displacement in gentrifying neighborhoods.”
Today Feigenholtz joined Cook County Assessor Frank Kaegi, along with State Senators Mattie Hunter (D-Chicago) and Ann Gillespie (D-Arlington Heights) and Representatives Will Guzzardi (D-Chicago) and Delia Ramirez (D-Chicago) and other affordable housing advocates to discuss how property owners could apply for this new type of property tax relief and how they, as well as tenants, will benefit from it.
Public Act 102-175 created this program to provide property tax relief to incentivize the creation, rehabilitation and maintenance of affordable housing units in Cook County for eligible applicants, beginning with the 2022 assessment year. The program improves benefits for housing providers as well as low-income households by providing more expansive property tax benefits, more ways to qualify and encourages the development of affordable housing in low affordability communities.
“Without this coalition of leaders and organizers, we would not have been able to take this important step toward encouraging more affordable housing in Cook County,” said Assessor Kaegi. “The implementation of this law by my office will clear the way for property tax relief for developers who create and maintain this valuable housing category, and will expand the availability of rental units for low-income households.”
More information and applications can be found on the Cook County Assessor’s Office website. The deadline to apply is March 31.
