Transcripts of full meetings of the council.

Yes, sir, Council President. Thank you very much.

Council President and colleagues, today I'm offering a bill that would amend the current Longtime Owner-Occupant tax relief program to extend this necessary relief and protect LOOP-approved homeowners. This bill is a direct response to a great deal of concern of constituents throughout the 2nd Councilmanic District. They are thankful to have been accepted into the LOOP program. However, they are concerned that after ten years, they may be forced to leave their property whether they want to or not.

Under the current LOOP program, people who meet the qualifying criterias, meeting the income guidelines as well as living in their properties for ten years, are qualified to participate in the LOOP program. Under the amendment I am proposing today, it will replace the ten-year exemption with an exemption through the sale or transfer of the individual's properties. There are a number of reasons for this bill.

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