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Record #: O2021-446   
Type: Ordinance Status: Passed
Intro date: 1/27/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 3/24/2021
Title: Amendment of Municipal Code Section 2-44-080 regarding 30-year renewable term supporting Chicago Community Land Trust properties under ARO (Affordable Requirements Ordinance)
Sponsors: Lightfoot, Lori E. , La Spata, Daniel
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 44 Dept. of Housing
Attachments: 1. O2021-446.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT Mayor

January 27, 2021










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance amending 2-44-080 ofthe Municipal Code regarding a 30-year renewable term supporting Chicago Community Land Trust properties under the Affordable Requirements Ordinance.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

CITY OF CHICAGO
-*
OFFICE OF THE CITY CLERK ANNA M. VALENCIA

,Chicago City Council Co-Sponsor Form

02021-446

Amendment of Municipal Code 2-44-080 regarding thirty year affordability requirement restrictions

Adding Co-Sponsor(s)
Please ADD Co-Sponsor(s) Shown Below-(Principal Sponsor's Consent Required)

Daniel La Spata
(Signature)

(Signature)

Principal Sponsor:.
(Signature)

Removing Co-Sponsor(s) Please REMOVE Co-Sponsor(s) Below- (Principal Sponsor's Consent NOT Required)
.(LZZJward) .(LIZ] Ward)

Date Filed:


Final Copies To Be Filed With: • Chairman of Committee to which legislation was referred
• City Clerk

121 NORTH LASALLE STREET, ROOM 107, CHICAGO, ILLINOIS 60602

ORDINANCE

WHEREAS, The City of Chicago (the "City") is a home rule unit of government pursuant to Article VII, Section 6(a) of the 1970 State of Illinois Constitution; and

WHEREAS, Pursuant to its home rule power, the City may exercise any power and perform any function pertaining to its government and affairs, including the power to regulate for the protection of the public health, safety, morals and welfare; and

WHEREAS, The adoption of Section 2-44-080 (the "2015 ARO") of the Municipal Code of the City of Chicago (the "Code"), was in response to affordable housing issues that are on-going; and

WHEREAS, the 2015 ARO is currently undergoing significant revisions that will include a provision to renew the 30-year term at every point of resale for ownership units create...

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