Chicago Illinois Affordable Housing Restrictions

• Category: Illinois Local County - Cook
• State: Illinois
• City: Chicago
• Control #: IL-LR133T
• Format: Word; Rich Text

Description

As a condition of a loan being provided to Grantor Restriction are imposed upon the Property or the purpose of encouraging or assuring creation or retention of rental and other housing for occupancy by low- and moderate-income persons and families. Chicago, Illinois has implemented several affordable housing restrictions to address the increasing demand for affordable housing options in the city. These restrictions aim to ensure that low-income individuals and families have access to safe, decent, and affordable housing within the city limits. Here are some key Chicago Illinois Affordable Housing Restrictions: 1. Affordable Housing Ordinance: The Affordable Housing Ordinance, also known as the Exclusionary Zoning Ordinance, requires residential developers to dedicate a certain percentage of their new construction or rehabilitation projects to affordable housing units. The exact requirements vary based on the size of the development and its location within the city. 2. Chicago Low-Income Housing Trust Fund: The Chicago Low-Income Housing Trust Fund is a financing program that helps support the development and preservation of affordable housing units. It provides financial assistance to developers and non-profit organizations involved in affordable housing projects. 3. Preservation of Existing Affordable Units: Chicago also focuses on preserving existing affordable housing units to prevent displacement of low-income residents. This involves implementing regulations and programs that protect and maintain the affordability of existing rental properties, such as rent control or rent stabilization measures. 4. Affordable Requirements Ordinance: The Affordable Requirements Ordinance (ARE) applies to developers seeking zoning changes or city financial assistance for residential developments. It specifies the number and type of affordable units that developers must include in their projects or contribute to a citywide affordable housing fund. 5. Housing Choice Voucher Program: The Housing Choice Voucher Program, commonly referred to as Section 8, is a federal program administered by the Chicago Housing Authority (CIA). It provides rental assistance to eligible low-income individuals and families, allowing them to choose to house in the private market. 6. Tax Increment Financing (TIF): Tax Increment Financing is a tool used by the city to encourage economic development in specific areas. In some cases, TIF funds may be allocated towards affordable housing projects or initiatives to increase affordable housing availability. These are some key affordable housing restrictions and programs in Chicago, Illinois. They are aimed at creating and preserving affordable housing units, promoting economic diversity, and ensuring that low-income residents have equal access to housing opportunities within the city.

Chicago, Illinois has implemented several affordable housing restrictions to address the increasing demand for affordable housing options in the city. These restrictions aim to ensure that low-income individuals and families have access to safe, decent, and affordable housing within the city limits. Here are some key Chicago Illinois Affordable Housing Restrictions: 1. Affordable Housing Ordinance: The Affordable Housing Ordinance, also known as the Exclusionary Zoning Ordinance, requires residential developers to dedicate a certain percentage of their new construction or rehabilitation projects to affordable housing units. The exact requirements vary based on the size of the development and its location within the city. 2. Chicago Low-Income Housing Trust Fund: The Chicago Low-Income Housing Trust Fund is a financing program that helps support the development and preservation of affordable housing units. It provides financial assistance to developers and non-profit organizations involved in affordable housing projects. 3. Preservation of Existing Affordable Units: Chicago also focuses on preserving existing affordable housing units to prevent displacement of low-income residents. This involves implementing regulations and programs that protect and maintain the affordability of existing rental properties, such as rent control or rent stabilization measures. 4. Affordable Requirements Ordinance: The Affordable Requirements Ordinance (ARE) applies to developers seeking zoning changes or city financial assistance for residential developments. It specifies the number and type of affordable units that developers must include in their projects or contribute to a citywide affordable housing fund. 5. Housing Choice Voucher Program: The Housing Choice Voucher Program, commonly referred to as Section 8, is a federal program administered by the Chicago Housing Authority (CIA). It provides rental assistance to eligible low-income individuals and families, allowing them to choose to house in the private market. 6. Tax Increment Financing (TIF): Tax Increment Financing is a tool used by the city to encourage economic development in specific areas. In some cases, TIF funds may be allocated towards affordable housing projects or initiatives to increase affordable housing availability. These are some key affordable housing restrictions and programs in Chicago, Illinois. They are aimed at creating and preserving affordable housing units, promoting economic diversity, and ensuring that low-income residents have equal access to housing opportunities within the city.