Cook County Assessor’s Office

CLASS 9 Incentive Program

What is the Class 9 Program?
Class 9 is a real property classification that offers a reduction in assessments and taxes to developers who do major rehab on multifamily buildings and then keep rents below certain levels (at least 35% of the apartments must be leased at rents affordable to low- and moderate-income households). With Class 9, properties are eligible for a 16% assessment level for a period of 10 years. Owners may renew the reduction for additional 10-year periods.

OWNERS MUST APPLY FOR CLASS 9

BEFORE BEGINNING MAJOR REHAB.

Which properties are eligible for Class 9?
Buildings ANYWHERE in Cook County with seven or more residential units which follow the other Class 9 guidelines. [The requirement that Class 9 buildings be located only in low/moderate-income census tracts was REPEALED by the County Board September 6, 2001].

What are Class 9 rehab requirements?
Class 9 properties require placement or extensive renovation of at least two of the following 10 systems. Building components and rehabbing costs must total at least $8.00 per square foot of living area:

What are the 2008 Class 9 maximum affordable rents?
All rents are gross rents for landlord-heated units, i.e., the rental cost of the unit plus an allowance determined by the Assessor for any tenant-paid utilities (except telephone), services and appliances. There also may be a utility allowance for lighting and cooking gas which can add from $29-$67 to the allowable monthly rent, depending upon size of the unit.

Class 9 is administered by the Assessor's Specific Properties

Department. Please direct all communications to:

Office of the Cook County Assessor,

Specific Properties Department,

118 North Clark Street

Chicago, Illinois 60602

or contact CIC

(312) 258-0070  /   qa@cicchicago.com