Chicago

Rosenwald Courts honored with ACHP/HUD Secretary's Award for Excellence in Historic Preservation

Rosenwald Courts honored with ACHP/HUD Secretary's Award for Excellence in Historic Preservation

The U.S. Department of Housing and Urban Development (HUD) and the Advisory Council on Historic Preservation (ACHP) today announced Chicago’s Rosenwald Courts Apartments project, once home to record producer Quincy Jones, boxer Joe Louis, and Olympian Jesse Owens, as the recipient of the 2018 ACHP/HUD Secretary’s Award for Excellence in Historic Preservation.

The Financial Benefits of Chicago's Class "L" Designation for Historic Properties

Under the Class “L” program, owners of qualifying commercial and industrial properties designated as “landmarks” and undergoing “substantial rehabilitation” can have their property tax assessment levels reduced for a twelve-year period.  Where commercial and industrial properties are typically assessed at 25% of market value, Class L buildings are assessed at only 10% for ten years, 15% in year 11 and 20% in year 12.