Low-and-moderate income buyers, with a preference for those who work and live in Highland Park.
Total Units: 15 units
Total Affordable: 2 units
Market Rate Price Points: Range from $500,000–$1,000,000
Affordable Unit Price Points:
Laurel Court is a 15-unit townhome development at 843-855 Laurel Avenue in Highland Park. Developed by Fulton Developers L.L.C. of Deerfield, Laurel Court is the first development to include affordable homes per a requirement of the City’s inclusionary housing program. (See Highland Park Inclusionary Housing Ordinance.)
Two of the 15 split-level townhomes are affordable, meeting the ordinance’s affordability requirement, and were offered to income-qualified buyers through the Highland Park Illinois Community Land Trust. (See Highland Park Illinois Community Land Trust.) The market-rate homes range from $500,000 to $1,000,000; the affordable homes will sell for $162,657 for the three-bedroom home and $296,757 for the four-bedroom home.
Phase II of Laurel Court, which will include 16 row homes adjacent to the 15-unit development on Laurel Avenue, is in progress (as of 2014).
Highland Park’s Inclusionary Housing Ordinance, which requires 20 percent of all new residential developments to be affordable, enables the community to create housing opportunities for people with a range of income levels. In return, developers receive incentives from the City, including fee waivers and a density bonus, which allows the developer to build additional homes on the same piece of land
and offsets the cost of constructing the required affordable homes. The bonus for Laurel Court allowed the developer to build a 13th market rate townhome, one above what the zoning would normally allow.
The Highland Park Illinois Community Land Trust will identify and pre-qualify income-eligible buyers. If these buyers eventually want to sell, the land trust will make sure that these homes are passed to another income-qualified buyer from a waiting list of eligible candidates. Highland Park has an Affordable Unit Declaration, which means these homes remain affordable permanently, one at 80 percent area median income ($57,900 for a family of four in 2014) and the other at 120 percent ($86,900 for a family of four in 2014).
Laurel Court required no municipal funds for development. The City’s Inclusionary Housing Ordinance requires that market rate developments of five or more units include affordable units.
Department of Community Development, Highland Park