Text from page 11 of the City of Chicago LaSalle Street Reimagined Invitation for Proposals
Housing proposals must provide at least 30% of the total units as on-site affordable units. The affordable units must be affordable to households earning up to 60% of Area Median Income (AMI), as updated annually, provided that (a) the maximum income level for any affordable unit may not exceed 80% of the AMI, (b) at least one-third must be affordable to households at or below 50% of the AMI, of which one-sixth must be affordable to households at or below 40% of the AMI, and (c) all income levels must be multiples of 10% of the AMI.
A selected developer can sell or lease the affordable units to an authorized agency, provided the rental subsidy by the authorized agency to the landlord combined with the rent paid by the eligible household may not exceed an amount affordable to households at 100% of the AMI, unless otherwise permitted by federal or state law. The authorized agency must sign a 30-year lease, Housing Assistance Payments (HAP) contract or similar instrument. Or, if the unit is purchased, record of a 30-year deed restriction or similar instrument guaranteeing that all affordable units will be leased to households that meet the income eligibility requirements for rental housing under this section for a minimum period of 30 years, and prohibiting the authorized agency from selling, transferring, or otherwise disposing of the affordable units during the affordability period.
Project proposals that receive other forms of City financial assistance, such as Low-Income Housing Tax Credits (LIHTCs), will be monitored according to the more restrictive requirements of such programs, rather than the City’s Affordable Requirements Ordinance (ARO). Affordable units must be comparable to the market rate units in terms of unit type, number of bedrooms and bathrooms, quality of interior and exterior appearance, energy efficiency, and overall quality of construction. All on-site affordable units must be accessible dwelling units, as required under subsection (W)(10) of the ARO. Developers must give preference in leasing accessible units to people with disabilities, and affordable units of two bedrooms or moreto multi-person households, as specified in the ARO rules.