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Lake Bluff committee weighs joining Lake Forest senior-affordable housing project and creating local housing fund
Summary
Committee members discussed whether Lake Bluff should invest in a Lake Forest senior cottage project to secure priority slots for residents and also examined longer-term options such as an affordable housing trust or inclusionary zoning; no formal commitment was made and staff will return with options and cost estimates.
The Finance Committee discussed June 22 whether the Village of Lake Bluff should participate financially in a Lake Forest senior-affordable housing project as a way to secure priority placement for Lake Bluff residents.
Paul Amundsen, a Lake Bluff resident who described his prior service on the Village Board and Senior Resource Commission, explained Lake Forest’s approach: the city has used developer-required contributions and a local affordable-housing trust and may combine those sources with state tax credits to build or preserve senior-affordable units. Amundsen said Lake Forest is still assembling financing and that state credits will be clarified by the end of the month.
Committee members asked practical questions about cost and guarantees. Staff and participants discussed a range of Lake Bluff commitment levels that have been floated historically — from a modest one-time contribution (e.g., $100,000) up to $400,000–$650,000 depending on scope — and warned that amounts cited in the discussion were estimates subject to negotiation and final financing. Committee members also emphasized the village should limit reimbursable costs to verifiable capital work and seek protections in any intergovernmental agreement.
The committee explored two distinct approaches: (1) buying a priority slot or a specific unit in the Lake Forest project in exchange for a one-time investment and (2) building a Lake Bluff-specific affordable housing program or trust (using tools such as demolition fees, transfer taxes, inclusionary zoning, or a dedicated trust fund) to develop units inside Lake Bluff over a longer timetable. Members noted a trust or local program could take several years to produce local units, while an outside investment might provide nearer-term placement for eligible residents but would move funds outside village borders.
No motion or commitment was made. Staff said the village’s affordable housing plan will be updated and that staff will present options, estimated costs, and potential trade-offs at an upcoming Committee-of-the-Whole briefing so trustees can consider whether to pursue a Lake Forest investment, a local trust, or both.
