(A) The housing goals of the city’s affordable housing plan emphasize the city’s commitment to promote the public health, safety and welfare by encouraging high quality housing throughout the community sufficient to meet the needs of all city residents. Throughout its history, the city has offered a diverse housing stock that permitted families of varying income levels and with various housing needs to reside in the community. In recent years, property values have escalated to the point of discouraging a diverse housing stock. A certain percentage of residents who currently live in the city are unable to meet or maintain the household income level necessary to support residing in the city and, therefore, must look to other communities for housing. Based upon the review and consideration of reports and analyses of the housing situation in the city, it is apparent that the diversity of the city’s housing stock and affordable housing opportunities have declined as a result of increasing property values, housing costs and the demolition of certain existing dwellings. Subsequent redevelopment has in many cases contributed to property value increases that further the difficulty of making affordable housing available in the city. With the exception of housing developed in partnership with the city and the Lake Forest Senior Cottages Foundation, the privately developed new residential housing that is being built in the city generally is not affordable to low- and moderate-income households. The city recognizes the need to provide alternative housing opportunities in order to maintain the diversity of population that has historically characterized the city.
(B) In response to these developments, on March 21, 2005, the City Council adopted the affordable housing plan, with amendments adopted on October 18, 2010, which identifies policies and incentives to encourage the development of affordable housing in the city. One of the primary recommendations of this affordable housing plan is for the city to establish a Housing Trust Fund.
(Ord. 2011-01, passed 1-3-2011)