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RSSAffordable Requirements Ordinance
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:
- A zoning change is granted that increases project density or allows a residential use not previously allowed
- The development is a "planned development" within the downtown area
Income Limits
For-sale units produced through the Affordable Requirements Ordinance must be affordable to households at or below 100 percent of Area Median Income (AMI).
Long-term Affordability
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: Marcia Baxter 312.744.0696
See a list of available properties made available through the ordinance and through other city programs.
ARO Fact Sheet Developer's Guide to ARO Ordinance |
Related LInks:
Housing Counseling Centers
Affordable Homes for Sale
