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North Shore Homes For Sale: Bridging The Gap Between Workers And Housing Costs

February 13, 2010 |

The Chicago North Shore is a scenic stretch of cities and villages alongside Lake Michigan. Many of the Illinois affluent and elite call it home. But for a long time, the North Shore also provided a diverse real estate market which included affordable North Shore homes for sale for those who worked in the area, too. With fears that the North Shore might be getting away from that, at least one city, Lake Forest, is beginning to act in order to restore the housing diversity.

A New Proposal For North Shore Homes For Sale

Still in its infancy and yet to be formally presented to the Lake Forest City Council, a new proposed plan calls for the building of 16 two- and three-bedroom homes in Lake Forest. All but one of these homes would be rented for less than $1,000 a month. If the proposal were to go through, it would signal good news for not just middle-income workers who reside in Lake Forest, but also for the local economy.

In the past, would-be workers have turned away from jobs in Lake Forest due to housing being unaffordable and their unwillingness to live outside the city in which they worked. An increase in affordable housing would draw these individuals back — and help to retain others who had thought about leaving.

“‘We’ve lost some key staff because they didn’t want to live so far from where they work,’ says Leslie Chapman, vice president for business affairs for Lake Forest College, a four-year liberal arts college of 1,400 students.” Chapman mentions that one college official had moved to Indianapolis to work for Butler University simply because the housing was both closer and more affordable.

Current Programs For Affordable North Shore Homes For Sale

It’s important to note that cities like Lake Forest already have programs in place to help hinder the divide in North Shore homes for sale. Lake Forest College, for example, has 30 subsidized rental units, either on campus or near it, for teachers who are nontenured. Lake Forest Hospital also has a few subsidized rental units on their grounds for middle-income employees who prefer to live close to where they work.

Besides those programs, Lake Forest has adopted a plan to aide the quest for more affordable housing. The major points of the plan are as follows:

Establishment of a housing committee
A demolition tax with a portion going to an affordable housing trust fund
Goal for 15 percent of affordable units in all new developments
Reduced fees of permit costs for affordable projects
Promotion of employer-assisted housing
Aim to increase affordable housing while ensuring new projects blend aesthetically with existing housing

These plans — both existing and proposed — hope to enable Lake Forest to usher in a new era of affordable North Shore homes for sale and all the while, welcome new and existing employees in Lake Forest to share in the North Shore’s tranquility.

Chicago North Shore homes for sale are the specialty of real estate agent Bonnie Kenney. Search North Shore listings and find information on the Shore’s neighborhoods on her website and blog.

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Article Source: North Shore Homes For Sale: Bridging The Gap Between Workers And Housing Costs