Naperville City Council endorses idea of making 20% of Fifth Avenue project’s housing ‘affordable’

Twenty percent of the housing built as part of the city’s Fifth Avenue development should have “affordable” purchase and lease prices, the Naperville City Council agreed Wednesday.

Although the definition of affordable was not finalized — state rules say an affordable house cost should be based on 80% of the city’s median income and affordable rent on 60% of the median income — the decision gives the developer general guidelines to proceed, council members said.

SOURCE (Erin Hegarty with Naperville Sun) >> CONTINUE READING