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Northbrook board approves contract with housing nonprofit to use village housing trust funds
Summary
Trust fund established by demolition fees and developer in‑lieu payments will be used with a nonprofit partner to rehabilitate and preserve entry-level homes as permanently affordable housing, trustees said.
The Village of Northbrook voted Sept. 9 to authorize an agreement with a local affordable‑housing nonprofit to use the village’s housing trust funds for rehabbing and preserving entry‑level homes as permanently affordable units. Trustee Ross presented the agreement and described how the fund was established: the village collects a $10,000 fee when a demolition occurs in town and accepts certain fees‑in‑lieu tied to development; those dedicated funds are held in a housing trust and can be leveraged to attract state funding or tax credits, staff…
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