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A lessor of residential real property, containing four (4) or more units, who receives a security deposit from a lessee to secure the payment of rent or compensation for damage to property shall pay interest to the lessee within thirty (30) days of termination of the lease agreement. Such interest shall be computed from the date of the deposit through the date of payment of the interest at a rate equal to the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this state, on minimum deposit passbook savings accounts as of December 31 of the calendar year immediately preceding the inception of the rental agreement, on any deposit held by the lessor for more than six (6) months. Such interest rate shall be set forth in the rental agreement. (Ord. 1993-0-100, 12-6-1993; amd. Ord. 15-184, 11-2-2015, eff. 12-1-2015)
The lessor shall, within thirty (30) days after the end of each twelve (12) month rental period, pay to the lessee any interest, by cash or credit to be applied to rent due, except when the lessee is in default under the terms of the lease. (Ord. 1993-0-100, 12-6-1993; amd. Ord. 15-184, 11-2-2015, eff. 12-1-2015)
ARTICLE 5
INCLUSIONARY HOUSING
INCLUSIONARY HOUSING
SECTION:
12-5-1: Purpose And Intent
12-5-2: Definitions
12-5-3: Requirements
12-5-4: Compliance Procedures
12-5-5: Eligibility And Preference Of Households For Affordable Dwelling Units
12-5-6: Distribution And Attributes Of On Site Affordable Dwelling Units
12-5-7: Cash Payment In Lieu Of Providing Affordable Dwelling Units
12-5-8: Affordability Controls
12-5-9: Density And Height Bonus
12-5-10: Enforcement
The purpose of this article is to provide opportunities within the Village for affordable housing, either within new residential developments by requiring developers to provide a proportionate share of affordable housing, or fees in lieu thereof, to ensure that an adequate stock of affordable housing is, and remains, available in the Village. (Ord. 19-26, 3-11-2019)
The following words and phrases shall have the meanings set forth in this section for purposes of this article. Words and phrases not defined in this section, but defined elsewhere in this Code, shall have the meanings set forth therein. In the event that a word or phrase is not defined, it shall have the common and ordinary meaning ascribed thereto. In interpreting the provisions of this article, if there is a conflict between a definition in this section and one found elsewhere in this Code, the definition in this section shall apply.
AFFORDABILITY PERIOD, OWNER OCCUPIED: The time during which the affordability restrictions imposed by this article shall apply to owner occupied affordable dwelling units. Owner occupied affordable dwelling units covered by this article shall remain affordable in perpetuity or as long as allowable by law. The affordability period begins at the time of first occupancy of the affected unit.
AFFORDABILITY PERIOD, RENTAL: The time during which the affordability restrictions imposed by this article shall apply to leased affordable dwelling units. Leased affordable dwelling units covered by this article shall remain affordable for a period of thirty (30) years, after which the requirements of this article cease to be controlling. The affordability period begins at the time of first occupancy of the affected affordable dwelling unit.
AFFORDABLE DWELLING UNIT: All owner occupied or leased dwelling units in a covered development as defined herein.
AFFORDABLE HOUSING AGREEMENT: The document signed by the purchaser or lessee of an affordable dwelling unit at the time of sale or lease, along with such other legal documents as may be required, detailing the affordability requirements of the affordable dwelling unit.
AFFORDABLE HOUSING, OWNER OCCUPIED: Decent, safe, sanitary housing that is: a) affordable to "households that meet AMI parameters" as set forth in this article; and b) to be sold only to "qualified households" as defined herein. The cost of the mortgage payment and relevant expenses (a calculation of Property Taxes, homeowner's insurance, and, when applicable, condominium or homeowner association fees) of owner occupied dwelling units shall not exceed thirty three percent (33%) of the household's gross annual household income (the total income of all adults over 18 years of age in the household).
AFFORDABLE HOUSING, RENTAL: Decent, safe, sanitary housing that is: a) affordable to households with AMI parameters set forth in this article; and b) to be leased only to "qualified households" as defined herein.
APPLICANT: Any developer who applies to the department to receive approval of a covered development pursuant to this article.
AREA MEDIAN INCOME (AMI): The median income level for the Chicago primary metropolitan statistical area, as established and defined in the annual schedule published by the Secretary of the United States Department of Housing and Urban Development and adjusted for household size.
CERTIFICATE OF QUALIFICATION: A certificate establishing a qualified household's eligibility to purchase or lease an affordable dwelling unit based on income eligibility using the HUD part 5 verification process and asset limits, per the Village's wait list policies and procedures. Certificates of qualification shall be valid for six (6) months.
CONSUMER PRICE INDEX: Consumer price index for all urban consumers as published annually by the United States Department of Labor, Bureau of Labor Statistics.
COVERED DEVELOPMENT: A development containing twenty five (25) or more dwelling units in a TOD area on contiguous land under common ownership or control by an applicant at one location within the Village, when such dwelling units are to be sold or leased to owner-occupants or leased to tenants for which zoning relief is sought under the Village's Zoning Ordinance. The term "covered development" and the regulations contained in this article shall not apply to a development that is designed to provide primarily affordable dwelling units, to condominium developments or portions of developments that contain condominiums, as that term is defined in section 12-3-1 of this chapter, to detached single-family dwelling unit developments or portions of developments that contain single-family dwelling units, as defined in the Village's Zoning Ordinance or to any property that is the subject of a redevelopment agreement approved by the Village Board prior to March 18, 2019. The term "covered development" includes, without limitation, the following:
A. A development that is new residential construction or new mixed use construction with a residential component.
B. A development that will change the use of an existing building from nonresidential to residential.
DEPARTMENT: The Development Customer Services Department or any successor unless otherwise indicated.
DEVELOPER: Any person, firm, corporation, partnership, limited liability company, association, joint venture, or any entity or combination of entities that develops dwelling units, but does not include any governmental entity.
DIRECTOR: The Director of the Development Customer Services Department or the Director's designee.
INCLUSIONARY HOUSING PLAN: The plan submitted as part of a zoning relief application which details the development's compliance with the affordable housing requirements of this article.
LOW INCOME HOUSEHOLD: For homebuyers: a household with a total income equal to or below one hundred twenty percent (120%) of the AMI. For renters: a household with a total income equal to or below sixty percent (60%) of the AMI in TOD areas.
MARKET RATE DWELLING UNITS: All owner occupied or rental dwelling units in a covered development that are not affordable dwelling units as defined herein.
PRIMARILY AFFORDABLE HOUSING DEVELOPMENT: A residential multi- family building that may have the physical characteristics of a covered development, but will have affordability restrictions that exceed the requirements of this article. This may include a development in which all of the units are restricted to households earning at or below the median income.
QUALIFIED HOUSEHOLD: A household whose income has been verified as meeting the AMI parameters for a household as set forth in this article and has received a certificate of qualification from a developer or a developer's designee pursuant to this article.
TOD AREA: The area that has the designation for an identified Chicago Transit Authority or Metra train station located in the Village and within a quarter (1/4) of a mile from any applicable train station or located contiguous to Madison Street west of Lombard Avenue, excluding the Austin Boulevard Blue Line Train Station and the Austin Boulevard Green Line Transit Station and the NA North Avenue Commercial District and the RR Roosevelt Road Form-Based District as defined in the Village's Zoning Ordinance. The area provides for development that is compatible with and supportive of public transit and a pedestrian-oriented environment.
TRAIN STATION: The area including the platform which supports train usage and that is owned and/or operated by the applicable transit agency.
TRANSIT ORIENTED DEVELOPMENT OR TOD: A development created around a Chicago Transit Authority Blue Line or Green Line transit station or Metra train station located in the Village that is characterized by higher density, mixed uses, pedestrian environment, reduced parking, and a direct and convenient access to the train station. (Ord. 19-26, 3-11-2019; amd. Ord. 19-30, 3-18-2019)
A. An applicant shall provide ten percent (10%) of the total number of dwelling units in a covered development as affordable. The applicant shall provide said dwelling unit(s) for the affordability period, owner occupied, and for the affordability period, rental, as defined in section 12-5-2 of this article.
B. An applicant that meets the requirements of subsection 12-5-3A of this section shall not be charged any Village building permit fees pursuant to chapter 7, article 1, "Building Code", of this Code associated with the initial construction of the affordable unit(s) provided by the applicant. (Ord. 19-26, 3-11-2019)
The applicant shall file as part of its zoning relief application an inclusionary housing plan that outlines and specifies compliance with each of the applicable requirements of this article. The inclusionary housing plan shall specifically contain, as a minimum, the following information regarding the covered development:
A. A general description.
B. The total number of market rate dwelling units and affordable dwelling units.
C. The number of bedrooms in each market rate dwelling unit and each affordable dwelling unit.
D. The square footage of each market rate dwelling unit and each affordable dwelling unit.
E. The general location of each affordable dwelling unit within the development.
F. The pricing schedule for each affordable dwelling unit and each market rate dwelling unit.
G. A description of the marketing plan that the applicant proposes to utilize and implement to promote the sale of the affordable dwelling units within the development.
H. Any proposal to make an in lieu of cash payment pursuant to section 12-5-7 of this article in lieu of providing affordable dwelling units. (Ord. 19-26, 3-11-2019)
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