SUBSTITUTE ORDINANCE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. Section 2-44-065 of the Municipal Code of Chicago is hereby amended by inserting the language underscored, as follows:
2-44-065 Program applications, administration, and related fees.
(Omitted text is unaffected by this ordinance)
Compliance Monitoring Late Fee - $20 per unit for all housing units in a project or building in addition to the Compliance Monitoring fee.
Affordable Conversion Unit Initial Registration Fee - $500 per Affordable Conversion Unit as defined in Section 2-44-106(c).
(Omitted text is unaffected by this ordinance)
SECTION 2. Section 2-44-080 of the Municipal Code of Chicago is hereby amended by deleting the language stricken through and by inserting the language underscored, as follows:
2-44-080 2015 affordable requirements.
(Omitted text is unaffected by this ordinance)
(G) Affordable Housing Opportunity Fund. The in-lieu fees and other fees collected under this section, Section 2-44-070, and former Section 17-4-1004 as in effect prior to October 12, 2015 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:
(1) fifty percent (50%) shall be used: (i) as provided under Section 2-44-106(o). or (ii) for the construction, rehabilitation or preservation of affordable housings or (iii) may be used in connection with such other housing programs as shall be specifically approved by the City Council for such revenues; and
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(2) fifty percent (50%) shall be contributed to the Chicago Low-Income Housing Trust Fund or a successor organization.
(Omitted te...
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