City Releases New ARO Map & Rules

Update – April 2016   From August, 2015: The City of Chicago releases the new map and rules for implementation of the Affordable Requirements Ordinance (ARO). The City of Chicago has released the new map and rules for implementation of the ARO.  Comments were given by the Chicago Association of REALTORS and other interested groups on the Rules & Regulations governing the implementation of the ARO.  The Rules were amended to incorporate a number of those suggestions and may be accessed online, along with the map and other supporting documentation, at www.cityofchicago.org/ARO. The Rules and Map will be effective beginning October 13, concurrently with the new Ordinance. The Chicago Association of REALTORS® has been heavily engaged in this ordinance, because if developers don’t build, REALTORS® don’t sell. Our concerns were significant, and we voiced them as an appointee to Mayor Rahm Emanuel’s Affordable Requirements Ordinance task force. We worked with a coalition of affected business groups to create an ordinance that works, resulting in over two dozen changes to the ARO that the alderman approved in March. We will need your help to know how the ordinance is actually working in Chicago’s neighborhoods. If it doesn’t work, we’ll need you to help galvanize new rules and procedures to make the ordinance work so Chicago can continue to build and become more affordable. Questions about the ordinance can be directed to Brian A. Bernardoni at bbernardoni@chicagorealtor.com.

Resources

ARO – Ordinance Rewrite 2015 Affordable Requirements FAQ Navigating the New Affordable Requirements Ordinance Aldermen OK New Affordable Requirements Ordinance