PROBLEM: In this uncertain housing market, housing values can rise and fall, leaving homeowners in a lurch when attempting to sell. SOLUTION: Home Equity Assurance Program The Home Equity Assurance Program helps stabilize communities by retaining the assessed value of homes despite socio-economic changes in the area. Currently, two areas in Chicago participate in this program, shouldn’t the 6th Ward? Here’s how it works: Homes are initially appraised and assessed. There is an initial appraisal fee as well as a membership fee ($100 and $150 respectively). The annual cost is a mere $26 which is assessed through the property taxes. The owner must retain ownership for at least five years. If after that time you sell your home, you are guaranteed to receive at least the value at which it was initially assessed. For example, if your house was appraised for $200,000 and the best sale price is $180,000 the program would bridge the gap and give you $20,000. This program was enacted through the State legislature (65 ILCS 95/1-20) and research shows that it has been greatly beneficial to its participants. If residents are interested in this program, I would introduce a referendum to bring this resource to the ward. Affordable Housing PROBLEM: There are too few affordable housing options and home ownership opportunities for low to moderate income people. SOLUTION: As Alderman I would push the City and work with developers to build more housing that the average person can afford and maintain. Another option is the creation of more Community Development/ Corporations (CDC), whose mission will be to reinvigorate the community through economic development. Currently, in the 6th Ward there are two such CDCs. One is inactive, while the other, the Rebirth of Englewood CDC, focuses on housing development and has successfully built more than 550 affordable homes for Englewood residents. In addition to the CDCs several churches in the ward have purchased significant amounts of land (72 lots in one instance) for the exclusive purpose of providing housing to seniors and low-income residents. As alderman I would provide support to these programs by helping to obtain the federal, state and local resources necessary to build and maintain affordable housing options Halfway houses and homeless shelters PROBLEM: There is a lack of communication between residents and organizations operating halfway houses and homeless shelters. Halfway houses or homeless shelters for people struggling to regain control of their lives can be tremendous sources of strength. Problems arise when the houses pop up overnight with no community say and no real authority to operate. SOLUTION: As alderman I would ensure that the operators of these facilities are properly licensed, have proof of professional training and proper staffing credentials to successfully manage their programs and enable their clients to norms. Back to Issues >>