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October 2015

Found 1 blog entry for October 2015.

Beginning October 14, 2015, real estate developers are required to adhere to a stricter version of Chicago’s Affordable Requirements Ordinance (ARO). In March, the Chicago City Council approved changes to the ARO to push developers to build more affordable housing in affluent and desirable neighborhoods with the goal of making 10-20% of market-rate housing units in those areas more reasonably priced.

Created in 2003, the ARO was designed to encourage developers to create affordable units in private-market developments. Developments subject to the ARO were generally required to set aside 10% of residential units as affordable housing. Prior to the 2015 changes to the ARO, developers could pay an opt-out fee of $100,000 per unit of affordable housing

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