Ordinance O2024-0008891
Passed
Amendment of Municipal Code Section 2-44-085 to clarify affordable requirements ordinance regarding provisions for developers of rental property in downtown districts, inclusionary areas, and community preservation areas
Auto-generated summary
Chicago's City Council revised Section 2-44-085 of the Municipal Code, setting 2021 affordable requirements. It necessitates affordable units in projects, especially rentals, with 20% of units being affordable. These units should average 60% of the AMI, capped at 80% of the AMI. Developers providing six or more on-site or off-site affordable units must select additional compliance options. The ordinance, effective upon approval, allows affordable units at various income levels.
