On October 11th, the Chicago City Council passed two ordinances creating three new Affordable Requirements Ordinance zones. The new requirements eliminate the option to pay an in-lieu fee in the pilot zones, and require affordable units to be built on-site, or within the same pilot zone. Maps of the pilot zones, provided by Department of Planning and Development, can be found here and here.
Each zone contains slightly different requirements for the percentage of affordable housing which must be included in a development:
These new requirements will effect new residential developments in the respective zones that contain 10 or more units and a zoning change, or new residential developments in the respective zones that involve a City land sale, or receive City funding.
Please let us know if you have questions about this important new City initiative.