Chicago Mayor Richard Daley's plan to require developers to set aside part of new projects as affordable housing passed by a vote of 44-2.
"Daley's plan will require developers to set aside 10 percent of homes in projects of 10 units or more where city land is sold, where a zoning change increases density or alters the designation to residential, or where special city approval is otherwise needed."
"The city estimates that the new requirement will affect about half of the new projects of that size each year, creating more than 1,000 homes annually."
"The ordinance requires the homes to be affordable for families that don't earn more than the Chicago metropolitan area's median income, or about $75,000 for a family of four. The city says that comes out to about $183,000 for a two-bedroom home."
"Developers can opt out of the requirement by paying $100,000 per unit into a city fund used to create more affordable housing, including rental units targeted at lower income levels."
Read the full story: Mayor's affordable-housing plan passes
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