More affordable housing good for Palatine

I am writing in response to the many comments I've seen from my neighbors in Palatine regarding the affordable housing development proposed for Quentin Road.

Housing is considered affordable when a household is able to find a home that costs no more than 30% of the household's income. For many of us, such housing is in critically short supply. That's why this proposed housing development is good for Palatine.

It is funded by Low Income Housing (corporate) Tax Credits, the largest source of funding for such housing in the U.S. The program requires property developers to guarantee the homes will remain affordable for 30 years.

These developments both create and preserve scarce housing resources.

The proposed development is an excellent example of the type of development Palatine should be considering. It is a low-density, mixed-income approach that addresses housing affordability across a range of income levels.

Also, it is important not to confuse the development's costs with the cost to the people who will live there. Some units will have rents at a market price you would typically expect in Palatine, while "affordable" units would have rates set at 30% of the household's income. The programs creates a financial structure that allows for financial viability of such arrangements.

The proposed Quentin Road development is about creating clean, safe, affordable homes for retirees, young families and other working neighbors where they can enjoy a great community. Best of all, there is no downside for the rest of us. That's something we can all get behind.

Kathy Cortez

Palatine