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Monthly Meeting
Tuesday 25 September 2018, 06:30pm - 09:00pm
Contact Mike Glasser - (773) 491-1235, This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Tuesday, Sept. 25th, 6:30PM-9PM
McCormick Lounge @ Loyola University inside Coffey Hall
1000 W. Sheridan Road
N/C for RPBG members. $25 for guests who pre-register by end of day Fri. Sept. 21.
After Fri. Sept. 21, $40.
 
 
As property owners, we face challenging times, as the forces supporting rent control and other potentially devastating legislation build momentum.

Even the Democratic candidate for Governor, JB Pritzker, has voiced his unqualified support for lifting the statewide ban on rent control, an unfortunate position that flies in the face of the entrepreneurial free market forces that helped allow his family to gain such wealth and prominence. As much as we learned that his stance will not change, his staff has told representatives from the apartment community to suggest  other solutions to the affordable housing 'crisis' that confronts many Illinoisans. 

In fact, other elected officials, feeling heat from increasingly better organized affordable housing advocates, are desperately seeking 'alternative solutions' - proposals that they can use to show that they are attentive to the problem - and approaches that don't serve to disrupt an industry vital to well being of Chicago, Cook County and the State of Illinois. 

With this being the case, I feel that it is imperative that we use our monthly meetings to better educate us on existing affordable housing approaches. At our May meeting, we met one of Chicago's lead players in using tax credits - Peter Holsten - and we learned about the challenges and opportunities that someone like him faces.

My take from Mr. Holsten's awesome presentation: with average cost of constructing new affordable housing units via low income credits at several hundred thousand dollars/unit, we know that low income tax credits, with all of its complexities and costs, can only be, at best, one minor approach used to tackle a much bigger problem, and one that only sophisticated affordable housing developers ought to try tackling.

This month, we will learn about another City initiated affordable housing program enacted several years ago - one on which some housing advocates want to expand - one based on the notion of 'inclusionary zoning,' the Affordable Requirements Ordinance.
 
This Ordinance requires that all developments exceeding a proscribed number of units located in the City of Chicago set aside at least 10pc of their new units as affordable units, or contribute a specific dollar amount that the CIty will apply to other nearby developments. 

I am thrilled that one of the City's preeminent zoning attorneys with an expertise on the ARO will be speaking to us. Katriina McGuire of Thompson Coburn (yes; her name does have two "i's" - she is Finnish) will take us through the ARO as it is presently structured, and overview what aspects of this program achieves its desired outcome, and review its unintended consequences. 

Katriina may also explore other aspects of how the City and developers can use zoning to create affordable housing, and the challenge of doing so. Consider the community outrage many Aldermen face when they try to use a zoning change like density bonuses to add affordable units on a pristine City block!
 
Of course, our meetings are not only about us playing defense against bad policy. Let's learn how to make our investments more profitable! We'll hear from a two Associate Members who will discuss opportunities that we, as property owners may have, to generate revenue through contracts with internet/cable companies. J. Kirk Taylor, a lawyer whose niche is utility law (representing property owners in contracts with utilities - be sure to meet him), and Victor Easley of RCN, will present us with some best practices and overcoming misperceptions regarding our dealings with internet service providers and marketing service arrangements
 
IMPORTANT NOTE:
 
Please review other upcoming events, including an important public event - the Illinois State Senate rent control hearing scheduled for September 27th. We need to pack this room with property owners and those who support us. If you have yet to read Senator Hunter's proposed legislation, I encourage you to do so. I implore you, not on a full stomach!
 
Senate Bill 3512 - Synopsis
 
Senate Bill 3512 - Complete Bill

 
SAVE THESE DATES!
 
Thursday, September 27, 2018; 9AM
Hearing Notice For Special Committee on Housing
Topic: State of Illinois' Rent Control Ban
Chairperson: State Senator Mattie Hunter
Bilandic Building 160 N. LaSalle St., Chicago, IL
Room: C600 
 
Thursday, October 18; 6:30PM
Neighborhood Building Owner's Alliance PAC Event - (NBOA will soon be sending out invites.) 
Ask our NBOA rep Jay Johnson or me for details.
 
Thursday, October 23; 6:30PM
RPBG's Annual Meeting - Loyola University Chicago's McCormick Lounge; 
 
May all of the above meetings and events be interrupted by Cub's play-off successes!
 
Sincerely;
Rogers Park Builders Group
 
Michael Glasser, President
 
 
 

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