Lake County officials are opting into the state’s new housing affordability program after board members at a meeting Jan. 27 said it could help improve a longtime problem of costly rent in the area.
At a Financial and Administrative Committee Meeting, members of the group voiced unanimous support for the program, which was created through House Bill 2621 last year. It provides tax incentives for housing developments that maintain a certain portion of their units under the maximum rent.
The program calls for between 15% and 20% of a building’s units to be under the maximum rent to qualify, while requiring those units to remain that way for anywhere from 10 to 30 years.
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The program deals with assessed values of properties, giving developments a special assessed value for participating that is aimed at potentially shaving some money off their property tax bills.
“This piece of legislation is a little unique,” Bob Glueckert, chief assessment officer for the county, said at the meeting.
Officials with the county said there is an affordable housing shortage statewide, with the goal of the bill being to spur affordable housing projects, while also encouraging those already created to keep their housing under the necessary threshold.
District 11 board member Paul Frank, who heads the finance committee, noted the strong support from county partners for the program. This prompted him to ask what the downside was.
Glueckert said those costs would have to be covered by the taxing base as a whole, but officials and those leaving comments said the burden would not be significant.
District 16 board member Terry Wilke said he was fully supportive of it. One point of contention he had was the lack of projects planned for the western side of the county, where he said there is, “considerable need.”
“I’m fully aware that it just treats the symptom and not the disease, but it’s the least we can do,” Wilke said. “I say that in a good way, not a bad way.”
District 1 board member Linda Pedersen said housing affordability in the county has always been an issue.
“I think we would be very foolish not to be a part of this program,” Pedersen said. “It’s a long time coming, and I certainly will support it.”
Four public comments were given on the item, with all of them in favor of the program. All four comments were from officials with organizations that are centered around expanding affordable housing.
Rob Anthony, with Community Partners for Affordable Housing, said almost half of all renters in the county are “housing cost-burdened,” meaning that more than 30% of their income goes toward rent.
“Too many Lake County families are forced to make the impossible decision between paying their rent, or instead paying for necessary medication, food for their families or the car repair to get them to work,” Anthony wrote in his comment.
Officials said that without taking any action, the county would automatically be part of the program. As a result, no further action is needed after Thursday’s discussion as it stands.