Chicago City Council Approves Mayoral A.R.O.
At a special meeting on Monday Morning, unprecedented in recent memory - the Chicago City Council voted to approve the Mayor's Affordable Requirements Ordinance.
The ordinance, which was approved after lengthy debate, was not without criticism and proposed amendments. Aldermen Burnett and Alderman Preckwinkle offered an amendment to use an 80 percent adjustment to the AMI for the region rather than the 100 percent standard.
The amendments were voted down. The mayor’s ordinance remained unchanged. Alderman Billy Ocascio and Alderman Brian Dougherty were the only dissenting votes. Final vote was 42-2.
The Chicago Association of REALTORS made several suggestions which are part of the final document -including definitive percentages for developers to be held to. In addition, the REALTORS® asked for benchmarking and other re-openers.
The ordinance will be in effect 90 days from passage.