The City of Chicago's Affordable Requirements Ordinance requires residential developments that receive city financial assistance or involve city-owned land to provide a percentage of units at affordable prices. The ordinance applies to residential developments of 10 or more units and requires that developers provide 10 percent of their units at affordable prices. The ordinance also applies if:
For-sale units produced through the Affordable Requirements Ordinance must be affordable to households at or below 100 percent of Area Median Income (AMI). Rental units must be affordable to households earning up to 60 percent of AMI.
The Maximum Affordable Monthly Rents are available here.
Units built under the Affordable Requirements Ordinance are required to remain affordable over time. Some units will have recapture mortgages to regulate the long-term affordability. At the time of purchase, the City records a 30-year lien for the difference between the unit's market price and its affordable price. Other units will be targeted for the Chicago Community Land Trust (CCLT). These units will have a 99-year restrictive covenant with a maximum resale price. The maximum resale price will be the original purchase price plus a percentage of the market appreciation, and in most cases will be a below market price.
For more information please call: 312.744.6746
Projects submitted* before October 13, 2015 and that receive City Council approval by July 13, 2016 should utilize the following guidelines and use the following forms.
2007 ARO Fact Sheet
Developer's Guide to ARO
2007 Ordinance (Chapter 2-45-110)
Projects submitted* on or after October 13, 2015 should utilize the following guidelines and use the following forms.
*"Submitted" means (i) with respect to an application for zoning approval or the sale of city land, an ordinance authorizing the rezoning or city land sale has been introduced to City Council; or (ii) with respect to financial assistance, a complete application has been received and accepted by DPD.