Northbrook — Ch. 19 Art. VII Affordable Housing Trust Fund § 19-185

The purpose of this article is to provide a source of funding for the creation, maintenance, and improvement of safe and decent affordable housing for existing and future residents in the Village of Northbrook. The goals of the Village of Northbrook Comprehensive Plan emphasize the village's commitment to cultural and economic diversity, diversity of housing stock and costs, and the availability of affordable housing in neighborhoods throughout the community.
The diversity of the village's housing stock has declined as a result of increasing property values and housing costs and a reduction in the availability of affordable housing. Demolition of certain existing structures and developments has also led to a reduction in the diversity of the village's housing stock and affordable housing opportunities and subsequent redevelopment has in many cases contributed to property value increases that further the difficulty of providing affordable housing in the village.
Due to these factors, among others, the Village of Northbrook has experienced an increase in housing values, but a decrease in the supply of affordable housing and income diversity. In response to these developments, on March 22, 2005, the village board of trustees adopted the affordable housing plan. One of the primary recommendations of this affordable housing plan is for the village to establish a community land trust as a mechanism for maintaining affordable housing in the community. The affordable housing trust fund is an effective financing mechanism for funding affordable housing initiatives, including a community land trust.