The Chicago City Council approved the designation of 1333 N Kingsbury St as a Low-Affordability Community. This designation enables the 1333 N Kingsbury Project, a proposed 272-dwelling unit building, to qualify for a reduction in assessed property value under the Affordable Housing Special Assessment Program (Section 15-178 of the Property Tax Code). Under the terms, 55 of the 272 units will be restricted for households whose annual income does not exceed specified maximum income limits. The property owner, 1333 N Kingsbury LLC, commits to maintaining these affordability restrictions for a period of 30 years after the new residential real property or improvements are put into service. This ordinance aims to address the shortage of affordable rental housing in Chicago, particularly in the Near North Side Community Area, where only 12 percent of rental units were deemed affordable in 2019.