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-