Ordinance SO2024-0011001
Passed
Amendment of Municipal Code Titles 5 and 17 by adding new Chapter 5-11 entitled "Tenant Opportunity to Purchase Block (606) District Pilot Program" and by modifying Section 17-7-0590 redefining boundaries of 606 District
Auto-generated summary
The City of Chicago is addressing affordable housing shortages by amending the Municipal Code of Chicago to impose a Demolition Permit Surcharge, effective until 2029. The revenue from this surcharge will go to the Affordable Housing Opportunity Fund. The city is also introducing a pilot program empowering tenants to purchase multi-family rental properties to preserve affordable housing. Tenant associations have the right of first refusal to purchase rental properties, with a 120-day period for due diligence and securing financing. Rental properties purchased by tenant associations must remain as affordable housing for at least 30 years. The Commissioner can establish rules for these requirements and penalties may be imposed for non-compliance.
Alternate identifiers: O2024-0011001
Sponsors
| Sponsors (7) | Ward | |
|---|---|---|
|
Ramirez-Rosa, CarlosPrimary Sponsor | Ward 35 |
|
La Spata, Daniel | Ward 1 |
|
Fuentes, Jessica L. | Ward 26 |
|
Sigcho-Lopez, Byron | Ward 25 |
|
Cruz, Ruth | Ward 30 |
|
Rodriguez Sanchez, Rossana | Ward 33 |
|
Cardona, Jr., Felix | Ward 31 |