The tax could nearly double and make he village competitive with other area municipalities.
At its meeting last week, the Oak Park Village Board continued a discussion on how to augment the Housing Trust Fund with potential dedicated revenue streams. The current revenue in the Housing Trust Fund comes from the inclusionary zoning ordinance passed in 2019, which requires developers in designated areas to make 10% of their housing units affordable to renters making 60% of the area median income. Or, in lieu of that, developers contribute $100,000 per unit to the fund.
The “additional money that would be realized” from increasing to 7.5% “would be the money that would be segregated off and then dedicated to the Housing Trust Fund,” Davis explained. As for creating a flat demolition fee, the Village Board decided to add a $5,000 flat fee per building or $1,500 per unit, whichever is greater.
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