Chicago Affordable Requirements Ordinance (ARO) Program

[Andrew Lake]

Hello,

I've come across a few multiunit properties that mention they are part of the City of Chicago's "Affordable Requirements Ordinance (ARO)" off-site program and have set annual rent increases. I'm looking for some more background as I am completely unfamiliar with the program. What are the incentives for developers in these areas? What are the advantages/disadvantages of buying an existing property that is part of the ARO program? Does the rent cap in these areas change every year? Appreciate any insight on this, thank you!

Andrew