(A) In general. The words and phrases used in this chapter shall be interpreted to have the meanings ascribed to them in this section. To the extent that words or phrases used in this chapter are not defined in this section, but such words or phrases are defined in the Zoning Code (Chapter 159), such words or phrases shall be deemed to have the meanings set forth in the Zoning Code. Otherwise, words and phrases shall be interpreted in their commonly used sense as set forth in the Webster’s Third International Dictionary (Ed.), unless the context reasonably requires another construction.
(B) Definitions. For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AFFORDABLE HOUSING. Any housing that qualifies as affordable low-income housing or moderate housing.
AFFORDABLE HOUSING TRUST FUND. A trust fund to be established by the city with the central purpose of providing financial resources to address the affordable housing needs of individuals and families of low- and moderate-income households who live in the city.
AFFORDABLE HOUSING UNIT. A dwelling unit that meets the criteria for affordable low-income housing or for moderate housing.
AFFORDABLE LOW-INCOME HOUSING. Decent, safe, sanitary and appropriate housing that low-income households, households earning between 60% and 80% of the area median income, can own or rent without having to devote more than approximately 30% of their gross income to monthly housing expenses.
AREA MEDIAN INCOME. The median income level for the Chicago area, as established and defined in the annual schedule published by the Secretary of Housing and Urban Development, and adjusted for household size.
CONVERSION. A change in a residential or mixed-use rental development to individual-owner residential condominium units.
COVERED DEVELOPMENT PROJECT. Any development project in the city that is required to provide affordable housing units under provisions of this chapter. Projects at one location undertaken in phases, stages or otherwise developed in distinct parts shall be considered a SINGLE COVERED DEVELOPMENT PROJECT.
ELIGIBLE HOUSEHOLD. For purposes of this chapter, a low- or moderate-income household.
HOUSING EXPENSES.
(a) For rental housing, rent and utilities; and
(b) For home ownership, principal and interest of any mortgages placed on the unit, property taxes, condominium or homeowner’s association fees, if applicable, and insurance.
LOW-INCOME HOUSEHOLDS.
(a) For owner occupied units, households that have incomes that do not exceed 80% of the area median income; and
(b) For rental units, households that have incomes that do not exceed 60% of the area median income.
MARKET RATE UNITS. Residential dwelling units that are not required to be affordable housing units under the requirements of this chapter.
MODERATE HOUSING. Decent, safe, sanitary and appropriate housing that moderate-income households, households earning between 80% and 120% of the area median income, can own or rent without having to devote more than approximately 30% of their gross income to monthly housing expenses.
MODERATE-INCOME HOUSEHOLDS.
(a) For owner occupied units, households that have incomes that do not exceed 120% of the area median income, or such higher income limit as may be established for a local, county, state or federal housing program.
(b) For rental units, households that have incomes that do not exceed 80% of the area median income.
(Ord. 2005-45, passed 12-5-2005; Ord. 2011-24, passed 10-17-2011)