It's in business's best interest to back affordable housing
by Barbara Bohn
Across the Chicago area, local government officials are hearing increasingly from employers that maintaining homes affordable to their workers isn't a maybe — it's a must.
One might be surprised to learn that, since 2005, leaders in Lake Forest, which ranks among Illinois' wealthiest communities, have approved innovative policies and funding to increase the city's supply of affordable homes. As part of the Charter One Workforce Housing Initiative, Lake Forest also is working with Deerfield, Highland Park, Highwood and Northbrook to make it easier for the area's 60,000 workers earning less than $50,000 a year to afford a home nearby.Now, Lake Forest is reviewing plans for a 17-unit apartment building to be built on land donated by the city, close to a Metra stop and shopping district. The city is providing homes at a range of prices for residents and workers, and nearby employers are cheering.
Baxter International Inc., Walgreen Co., Lake Forest College and Lake Forest Hospital, which together employ more than 11,000 workers at their north suburban campuses, have strongly backed this development. Each provided testimony to the City Council, countering fears spread by some residents. Support from officials and employers persuaded the Illinois Housing Development Authority to award tax credits to lower the development's cost.
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