St. Charles Illinois changes affordable housing rules

St. Charles officials recently altered the affordable housing requirement for developers to account for the fluctuating market. The city’s inclusionary housing ordinance dictates how many units in a development must be affordable if a developer wants to build homes in the city. State law says 10 percent of a city’s housing stock must be considered affordable. City Planner Matthew O’Rourke said the state uses a formula to determine what is affordable each year. For St. Charles, a home listed at $199,500 or less for a family of four is considered affordable, he said. The city now has a “buffer,” and aims to keep affordable housing at 13.75 percent or above, O’Rourke said, to make sure levels don’t go too close to the state standard.

Chicago Tribune

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