Saint Charles staff: affordability falls below 10%; housing trust fund used for loans, projects

City staff told the Planning and Development Committee that Saint Charles' affordable housing stock fell to 8.3% in calendar year 2024, driven by rising home values and the addition of market-rate rental units. The report, prepared annually to inform local housing policy and track compliance with the state's affordable housing planning and appeals act, showed owner-occupied affordable units declined to 6.6% (defined in the report as homes valued under $249,000) and rental affordability was 11.6% in 2024.

Staff said the owner-occupied decline followed a 12% increase in home values while incomes rose only about 1.5%. On the rental side, staff said the small decrease in rental affordability was the result of adding new market-rate units to the housing stock rather than an across-the-board rent increase. Staff noted Saint Charles remains exempt…