Jan. 21--A proposed ordinance designed to boost the supply of affordable units in market-rate condominium and apartment developments was deferred without discussion at Wednesday's Chicago City Council meeting.
The changes to the city's Affordable Requirements Ordinance would require some for-profit developers to build affordable housing rather than opt out of the requirements by paying in-lieu fees, as most have done. In some cases, developers would be able to reduce the number of units they would have to build by paying a fee, but that fee would be higher in more desirable areas of the city.
A joint City Council committee approved the measure Jan. 14, despite concerns expressed by developers, architects and the real estate community that the measure would thwart residential development and job creation.
mepodmolik@tribpub.com
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