The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
Chicago officials on Wednesday (Jan. 21) deferred a proposed ordinance that would increase the supply of affordable units in condominium and apartment developments and increase developer fees.
Chicago Budget Committee Chairman Carrie Austin (34th), and downtown Alderman Brendan Reilly (42nd) opposed the proposal, saying it would stifle development.
Proposed changes to the Affordable Requirements Ordinance would force some developers to build affordable housing instead of allowing them to opt out of the requirements by paying in-lieu fees, as is allowed under current law.
Developers would be able to reduce the number of units by paying a fee, but that fee would be higher in other areas of the city.
It was unclear when the proposal could resurface, or if it will be considered before the Feb. 24 municipal elections.
See more in the Chicago Sun-Times story.