The Business and Civic Council filled the Carleton Hotel’s ballroom last week with people interested in defining and addressing affordable housing in Oak Park.
A panel of five real estate, finance, and housing experts led the discussion, which centered most on the issue of families being able to afford the $350,000 entry cost to single-family homes in Oak Park, and the hefty tax bills attached to them.
“It is hard for those of us who’ve lived here a long time to think about first-time buyers spending $350,000,” said Nancy Leavy, a Realtor with F.C. Pilgrim & Co. and a member of the panel. Leavy told the story of a couple who, on a combined $50,000 salary, parlayed their equity and profit from a condo purchase into a downpayment on a house.
But many young people can’t afford homes in Oak Park, and that’s OK, members of the panel said. Leavy’s answer to parents who think their children ought to be able to afford Oak Park would be a more regional outlook: her daughter bought in Forest Park. And Sherlynn Reid pointed out that a lot of people want to live in Oak Park. “We have to accept that not everyone who wants to live here can live here,” Reid said.
After Mary Schiffer, of the 500 block of North Marion Street, holding her infant son, William, told the crowd that her tax bill, which rose from $5,000 to $15,000 in the five years her family has lived here, could mean William may never be able to attend Oak Park and River Forest High School, much of the discussion turned toward taxes.
“I want to give you some solace that the leadership of the taxing bodies understands this, and we have begun to take steps to solve it,” said Village President David Pope, who acknowledged that spending by taxing bodies has far outpaced inflation in recent years.
But by the end of the 1-hour forum, very little was said directly about defining affordable housing.
“I think we as a community need to define what it is,” said architect John Schiess, adding that everyone should also be involved in solving the problem.
The Business and Civic Council’s next forum will be March 17 on the topic of urban planning. The forums are free and open to the public.
?#34;Drew Carter
