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 create a substantial and legally dedicated revenue stream to provide permanent affordable housing for people experiencing homelessness
Our proposal would raise the Real Estate Transfer Tax (RETT), a one-time tax paid when a property is sold, by 1.9 percentage points on properties over $1 million.
Properties under $1 million would not receive a tax increase, on average only 4.2% of properties would be impacted.
The new tax would generate $163 million annually to be dedicated to combatting homelessness.
More than 58,000 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.