Record #: O2016-6490   
Type: Ordinance Status: Failed to Pass
Intro date: 9/14/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action:
Title: Amendment of Municipal Code Section 2-45-115 regarding compliance with 2015 Affordable Requirements Ordinance (ARO) by for-profit developers of residential housing projects and planned developments receiving Tax Increment Financing (TIF) assistance
Sponsors: Moreno, Proco Joe, Pawar, Ameya, Osterman, Harry, Burnett, Jr., Walter, Ramirez-Rosa, Carlos, Arena, John
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Planning & Development
Attachments: 1. O2016-6490.pdf
Related files: R2019-362

ORDINANCE AMENDING ARO ORDINANCE



WHEREAS, The purposes of the 2015 Affordable Requirements Ordinance (2015 ARO) are to expand access to housing for low-income and moderate- income households and preserve the long-term affordability of such housing throughout the entire City; and
WHEREAS, The purposes of tax increment financing (TIF) are to develop blighted areas to promote private investment across the City, leading to jobs for City residents and better neighborhoods; and
WHEREAS, There are development projects in the City which receive TIF funds and are subject to the 2015 ARO; and
WHEREAS, It is in the interest ofthe City for the City Council to ensure that the purpose of both ordinances are achieved; and
WHEREAS, There are instances where TIF funds have been used by a developer to pay an in lieu fee instead of providing the number of affordable units required by the 2015 ARO; and
WHEREAS, Allowing the use of TIF Funds to pay the in lieu fee does not.maximize the impact of TIF funds; and
WHEREAS, there have been projects receiving TIF funds that have satisfied the requirements of the 2015 ARO by the provision of affordable units off-site; and
WHEREAS, the TIF goal of maximizing development in blighted areas is not fully achieved if in a development receiving TIF funds affordable units are provided off-site; and
WHEREAS, The 2015 ARO intends to promote affordable housing throughout the City, which goal is compromised when a development receives TIF funds and the 2015 ARO requirements are met by the payment of an in lieu fee or provision of affordable units off-site; and
WHEREAS, Paying an in lieu fee or providing affordable units off-site can lead to affordable housing not being equitably developed throughout the City to the maximum extent possible; now, therefore,



BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:



SECTION 1. The recitals above are hereby incorporated by reference.



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SECTION 2. Section 2-45-115 of the Municipal Code is ...

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