The “American Dream” of homeownership is increasingly out of reach on the Greater West Side. Take Austin for example: between 2019 and2024 the median sale price of a 1-4 unit building grew from $178,000 to $277,500.In that same period, the median household income grew from just $32,843 to $40,085.In other words, home prices went up by56%, but incomes by only 22%. Not only is homeownership unaffordable, but local conditions are not sustainable.
The Oak Park Regional Housing Center and our West Cook Homeownership Program are addressing this critical issue building a Community Land Trust (CLT). With support from one of our financial institution partners, the Greater West Side CLT will preserve affordable housing, prevent displacement of legacy residents, build community wealth, and keep homes affordable for generations to come.
So how does it work?
A CLT buys or builds homes using subsidies from the government and philanthropy. They are repaired or updated, and then sold to income qualified buyers at below market prices. In return, homeowners agree to resell their homes at a capped price, ensuring another family can benefit from that affordability in the future. This model creates an accessible pathway for first-time buyers and can be a steppingstone to traditional homeownership.
Not only do CLT homeowners build modest wealth, but they also pay lower property taxes. The Cook County Assessor categorizes CLT properties as permanently affordable because of the resale price cap written into the ground lease between the CLT and each homeowner. As a result, the property is taxed at it’s affordable rate, not the market rate – they call this “fair cash value”. Not only are lower property taxes helpful for everyday families, but they’re critical for our seniors and families on fixed incomes who are susceptible to displacement when their neighborhood gets more expensive.
It’s also important to note that Community Land Trusts are a Black innovation. The CLT movement began in the U.S. during the Civil Rights Era in Albany, Georgia as a tool for Black farmers and their families to gain security through access to land.
Today, some of the most respected and long-standing CLTs are founded, led by, and serve communities of color in places like Harlem, Oakland, Boston, and Houston.
CLTs are not a one-size-fits-all solution, but are an impactful tool for communities to stay rooted. Our agency works diligently and collaboratively to provide many entry points into homeownership counseling to our industry partnerships and 78 units of rental housing at Laramie State Redevelopment Project, we are ensuring that every family on the Greater West Side has an opportunity to build their legacy. Stay tuned as we kick off the pilot program in Spring 2026!
Oak Park Regional Housing Center
Oak Park Regional Housing Center has celebrated 52 years with the mission to achieve vibrant communities while promoting intentional and stable residential integration throughout Oak Park and the surrounding communities. OPRHC is the only HUD approved non- profit agency in Oak Park promoting intentional integrative housing stability options while increasing housing inventory. Consider giving a tax-deductible year end donation so that we may reach our goal to raise $25,000 by December 31, 2024! These funds will help us continue to help integrate and invigorate the Greater Westside communities for up to 100 individuals in the first quarter of 2025!
You may donate at: oprhc.org/donate. To learn more, please call 708-848-7150, or email: info@oprhc.org.
