Local, state and national REALTOR® association advocacy efforts protect your business and private property rights. Over the last year, the power of our advocacy efforts has been evident through the legislation we have helped defeat and support.
TRANSFER TAX INCREASE DEFEATED
A resolution that would have significantly increased the transfer tax on properties sold for over $1 million was defeated at the polls during the Chicago primary election in March.
The Chicago Association of REALTORS®, Illinois REALTORS® and the National Association of REALTORS® opposed the real estate transfer tax referendum through an educational campaign to members and consumers. The resolution raised concerns about the implications it would have on our neighborhoods, including discouraging investment and increasing the cost of housing.
During this campaign our goal was to ensure that members were informed on the impacts of the proposed increased transfer tax, had the tools necessary to share that information with their clients and voted on the issue.
REALTOR® SUPPORT HELPS PASS AFFORDABLE HOUSING & HOMEOWNERSHIP BOND PROGRAM
On Friday, April 26, Chicago City Council approved a bond measure to help fund affordable housing and economic development programs for the next five years. A total of $1.25 billion was approved for the use of general obligation bonds to go towards affordable housing, economic development and homeownership programs.
The use of these bonds will cause a shift away from using Tax Increment Financing (TIF) for various programs within the city departments. The debt service for the bond program is fully paid out of existing property taxes returning to the city from expiring TIFs. Current projections make it clear that a property tax increase will not result from this bond proposal. To learn more, review Illinois REALTORS® Issue Summary regarding the proposal.
After extensive review and discussion by the Chicago Association of REALTORS® Public Policy Coordinating Committee and Board of Directors, the association voted to support this ordinance. The first projects that will receive investment include a community farm in West Englewood and an Austin health center, which are each set to receive $5 million to assist with construction costs.
- The Austin Community Health Hub is being planned by Stone Community Development Corp. and Lurie Children’s Hospital. The hub will be located at 5046-48 W. Chicago Ave. and create 27 new jobs.
- The Wood Street Farm Expansion at 1824 W. 59th St. in West Englewood, which is being planned by Growing Home Inc. The bond proceeds will be used to create a federally certified produce processing facility for the nonprofit’s farm operation.
GET INVOLVED WITH OUR ADVOCACY
Every first Tuesday of the month, we host a virtual event called Coffee With Your GAD. This event provides attendees with insights on current and upcoming legislation that directly impacts you and occasionally features special guests to provide exclusive insights from the city and county.
Share your voice and opinion – we want to hear your feedback so the association can best determine our stance on legislative issues! Coffee with Your GAD encourages two-way dialogue and is interactive among attendees.
Find and register for an upcoming Coffee With Your GAD event at ChicagoREALTOR.com/events.