Bring Chicago Home is a grassroots movement of Chicagoans committed to creating a dedicated revenue stream to combat homelessness in Chicago.
The coalition aims to restructure the Real Estate Transfer Tax (RETT), a one-time tax on properties when they are sold to advance a win-win-win solution that will address the budget deficit and create a new, substantial and legally dedicated revenue stream to provide permanent affordable housing for people experiencing homelessness
Our proposal would provide a tax cut on properties sold under $1 million and a tax increase on property sales over $1 million.
All properties valued under $1 million would receive a tax cut, 95.8% of transactions on average.
Our current proposal would generate an estimated $167 in new revenue, $88 million would be dedicated for the city’s general budget and $79 million to address homelessness.
More than 86,000 Chicagoans are living on the streets, in shelters, or doubled-up. We need a substantial amount of money to make a meaningful impact on this issue.
A dedicated revenue stream is necessary to ensure people remain housed and that funding is not subject to fluctuations in annual appropriations and ongoing priority changes of future administrations.
Permanent Supportive Housing is the most-effective solution to ending homelessness for families and individuals, coupling affordable housing with supportive services to ensure long-term stability.