To October 18, 2008 CECD Forum on Olympics Impact on Affordable Housing
Coalition for Equitable Community Development. Promoting an economically and racially diverse community in Hyde Park--Kenwood
Many residents are concerned that the 2016 Olympics, if they are held in Chicago, will have a negative impact on the affordability of housing in th Hyde Park-Kenwood Community as well as other areas adjacent to Olympic venues.
Based on the experience of other host cities (such as Atlanta and Barcelona), CECD believes that this is a real concern. We are working with other community organizations to create a Community Benefits Agreement that will address issues such as housing affordability. The CECD board of directors has approved the following position statement on the issue:
To minimize economic displacement of families living in the area:
1. Mandate that at least 1/3 of Olympic Village units be made into affordable housing after the Olympics.
- For-sale units affordable to people earning 80% of AMI. (e.g. a one-bedroom unit affordable to someone currently earning $41,700 per year. A two-bedroom unit affordable to a family of three currently earning $53,650 per year.)
- Rental units affordable to people earning 60% of AMI. (e.g. a none bedroom unit affordable to someone earning $31,680 per year. A two-bedroom unit affordable to a family of three earning $40,740 per year.)
- "Affordable" is defined to mean that a family spends no more than 30% of its income on housing.
2. If a TIF is created for the Olympic Village, create an advisory council of local residents and make affordable housing a priority for TIF funds.
3. For all developments approved after October 2, 2009 within two miles of the Olympic Village or the Olympic stadium, require 20% affordable housing set aside (see attached map). This is an increase over the current city ordinance that requires a 10% affordable set aside for new residential construction.
[A map was attached drawing a two mile radius around the Olympic Village and Olympic Stadium. Hyde Park, Kenwood are included in the Stadium circle.]