City to seek funds for low-cost housing - Metropolitan Planning Council

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City to seek funds for low-cost housing

ROLLING MEADOWS -- The City Council agreed Tuesday to seek state money to secure more affordable housing in Rolling Meadows.

The council will pay $6,000 to the non-profit Metropolitan Planning Council of Chicago to help the city apply for money from the state's Affordable Housing Trust Fund.

Council members said they hope the money could be used to reduce the cost of units in Riverwalk Condominiums, a new development at 3401 Wellington Ct. The units start at $180,000, representatives said.

The affordable-housing initiative would target people whose annual income is below 80 percent of the average median income in the area, or below $51,000 for a family of four.

Rolling Meadows officials want 20 percent of the city's housing to be designated affordable--twice the state requirement.

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