In November, the Chicago City Council passed a resolution to put affordable housing on the March 2024 mid-term election ballot for voters.
If passed, the resolution would increase the real estate transfer tax (RETT) on properties sold at any price over $1 million and decrease the RETT on properties sold for less than that. The tax would create a new revenue stream legally dedicated to providing permanent affordable housing to people experiencing homelessness.
Modeled on successful initiatives in cities like Los Angeles and Seattle, advocates in the homelessness sector have long championed dedicated revenue from the city as a critical piece to ending homelessness.
Michael Reese Health Trust is proud to support the affordable housing ballot resolution (also known as Bring Chicago Home), giving half a million dollars to the campaign. Additionally, Michael Reese is the home of Chicago Funders Together to End Homelessness, a funder collaborative mobilizing its 30+ members to support Bring Chicago Home.
“In a city where over 6,000 people experience homelessness on any given day, we know a dedicated source of public funding is a necessary component to solving homelessness in Chicago,” said Blair Harvey, MSW, Chief Program Officer at Michael Reese. “Advocates, service providers, community, labor and faith-based organizations and funders have spent decades working to move the needle on homelessness. Michael Reese sees the affordable housing ballot resolution as a culmination of these efforts and a defining moment for Chicago.”
Learn more about the ballot resolution and how you can help address homelessness in Chicago.
