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Record #: SO2016-2700   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Zoning, Landmarks and Building Standards
Final action: 5/18/2016
Title: Amendment of Municipal Code Title 16 by adding New Chapter 16-14 and modifying various sections of Titles 2 and 17 related to establishment of Neighborhood Opportunity Fund
Sponsors: Emanuel, Rahm, Solis, Daniel, Dowell, Pat, Mitts, Emma, Scott, Jr. Michael, Harris, Michelle A., Burnett, Jr., Walter
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Planning & Development, MUNICIPAL CODE AMENDMENTS - Title 16 - Land Use - Ch. 14 Neighborhoods Opportunity Fund Ordinance, MUNICIPAL CODE AMENDMENTS - Title 17 - Chicago Zoning Ordinance - Ch. 1 Introductory Provisions, MUNICIPAL CODE AMENDMENTS - Title 17 - Chicago Zoning Ordinance - Ch. 4 Downtown Districts, MUNICIPAL CODE AMENDMENTS - Title 17 - Chicago Zoning Ordinance - Ch. 8 Planned Developments, MUNICIPAL CODE AMENDMENTS - Title 17 - Chicago Zoning Ordinance - Ch. 13 Review & Approval Procedures
Attachments: 1. SO2016-2700.pdf, 2. O2016-2700.pdf, 3. O2016-2700.pdf

5 Ob
SUBSTITUTE ORDINANCE

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

SECTION 1. Section 2-45-115 of the Municipal Code of Chicago is hereby amended by deleting the struck-through language and inserting the underscored language, as follows:

2-45-115 2015 affordable requirements.

(Omitted text is unaffected by this ordinance.)

(E) Reserved. Relationship between 2015 ARO and affordable housing density bonus. For every residential housing project subject to the requirements of subsection (C), and also eligible for an affordable housing floor area bonus pursuant to Section 17 1 1004 B, the developer shall bo required to comply with the requirements of both provisions. Notwithstanding the foregoing, any in lieu fees collected under Section 17 4 1001 C may be applied as a credit against any in lieu fees due under this section.

(Omitted text is unaffected by this ordinance.)

(G) Affordable Housing Opportunity Fund. The in-lieu fees and other fees collected under this section, Section 2-45-110, and former Sec. 17-4-1004 as in effect prior to the effective date of this amendatory ordinance shall be deposited in the Affordable Housing Opportunity Fund, unless required to be deposited into another fund pursuant to federal or state law. All annual revenues of the Affordable Housing Opportunity Fund shall be reserved and utilized exclusively to pay the administrative and monitoring costs and expenses of this section, Section 2-45-110, and former Section 17-4-1004 and, after subtracting such costs and expenses, as follows:
fifty percent (50%) shall be used for the construction, rehabilitation or preservation of affordable housing; and
fifty percent (50%) shall be contributed to the Chicago Low-Income Housing Trust Fund or a successor organization.

(Omitted text is unaffected by this ordinance.)

SECTION 2. Title 16 of the Municipal Code of Chicago is hereby amended by adding a new Chapter 16-14, underscored as follows:

16-14-010 Title.

This chapter shall...

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