Record #: O2019-5589   
Type: Ordinance Status: Failed to Pass
Intro date: 7/24/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/24/2023
Title: Amendment of Municipal Code Titles 2 and 3 by adding new Sections 2-44-135 and 2-44-140 regarding Obama CBA Residential Area Affordable Housing Pilot Program and modifying Section 3-33-060 regarding Chicago Real Property Transfer Tax
Sponsors: Taylor, Jeanette B. , Martin, Matthew J. , Sadlowski Garza, Susan, Vasquez, Jr., Andre, Rodriguez, Michael D., Sawyer, Roderick T., Villegas, Gilbert, Ervin, Jason C., Taliaferro, Chris, Reboyras, Ariel, Mitchell, Gregory I., Sigcho-Lopez, Byron, Moore, David H., Hairston, Leslie A., Rodriguez Sanchez, Rossana , Hadden, Maria E. , Dowell, Pat, Austin, Carrie M., Coleman, Stephanie D. , Ramirez-Rosa, Carlos, La Spata, Daniel , Brookins, Jr., Howard, Cardona, Jr., Felix , Lopez, Raymond A., Harris, Michelle A., Curtis, Derrick G., Mitts, Emma, King, Sophia D., Burnett, Jr., Walter
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 44 Dept. of Housing, MUNICIPAL CODE AMENDMENTS - Title 3 - Revenue & Finance - Ch. 33 Chicago Real Property Transfer Tax
Attachments: 1. O2019-5589.pdf
Related files: R2023-766
July 24, 2019 City Council

WHEREAS, the City of Chicago (the "City") is a home rule unit of local government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois; and
WHEREAS, the City's home-rule authority includes the power to enact ordinances and regulations aimed at preserving safe, decent, and affordable housing in Chicago; and
WHEREAS, the City is experiencing a shortage of affordable housing; and
WHEREAS, the lack of affordable housing is a critical problem, which threatens the economic and social quality of life in the City; and
WHEREAS, the City Council finds that the 2015 Affordable Requirements Ordinance, Section 2-44-080 (formerly 2-45-115) of the Municipal Code, is insufficient to prevent displacement and broad demographic change in neighborhoods facing significant displacement pressure, and that additional measures are necessary to increase production of affordable housing, protect vulnerable residents, and create neighborhoods where residents of all incomes can thrive; and
WHEREAS, the DePaul Institute of Housing Studies has classified the area surrounding the Obama Presidential Center (the "OPC") as vulnerable to displacement due to a high share of rent-burdened families and increasing property and rental costs; and
WHEREAS, since the announcement of OPC, the property values and sales amounts in the immediately surrounding area of the OPC have increased at among the highest rate in the country; and
WHEREAS, in 2017, Redfin reported that since the announcement of OPC, the area around the OPC had the third-highest increase in estimated home values compared to that of its metro area in the country; and
WHEREAS, when approving the lease and master use agreement for the OPC, the City recognized the significant potential for "demographic change and displacement arising from large-scale public and private investment in urban neighborhoods and is committed to closely monitoring property values and other ind...

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