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§ 5-11-110 — Preservation as rent-restricted affordable housing

Municipal Code of Chicago (2026 S-74, current through Council Journal of June 17, 2026) · Municipal Code of Chicago § 5-11-110

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5-11-110 Preservation as rent-restricted affordable housing.

If a purchaser purchases a rental property and uses any public funds in the purchase, then the rental property shall be maintained as affordable housing for no less than 30 years. The Commissioner shall establish procedures to ensure that each rental property acquired under this chapter is subject to an affordable housing restrictive covenant that sets forth the manner in which the rental property shall be preserved as rent-restricted affordable housing. (Added Coun. J. 9-18-24, p. 16736, § 3)