About ARO
920 North Wells includes homes set aside under the City of Chicago’s Affordable Requirements Ordinance, known as ARO. Households that meet the income requirements can apply for these homes, and residents have access to the same amenities as everyone else in the building. The answers below cover the purpose of ARO homes, their benefits, the regulations that govern them, and how they contribute to the city’s housing landscape. ARO remains part of Chicago’s commitment to affordable housing and community diversity.
Frequently Asked Questions
ARO homes are a result of the Affordable Requirements Ordinance established by the City of Chicago. This ordinance mandates that residential developments of a certain size must allocate a percentage of units as affordable housing options. These units are made available to individuals and families who meet specific income requirements, ensuring that affordable housing remains an integral part of Chicago's urban fabric.
Yes, ARO homes fall under the umbrella of affordable housing initiatives. However, they are specifically tied to the Affordable Requirements Ordinance in Chicago. This ordinance ensures that developers contribute to the city's affordable housing stock by setting aside a portion of units within new residential projects.
Income requirements for ARO homes vary depending on the specific project and the area in which it is located. Generally, ARO homes are aimed at households with moderate to low incomes. Eligibility criteria are designed to cater to a diverse range of income levels, making ARO homes accessible to a broad cross-section of Chicago residents.
To apply for an ARO home, you typically need to go through the developer's application process. Developers are responsible for managing the application and selection process for ARO units within their projects. Be prepared to provide documentation of your income and meet any other eligibility criteria outlined by the developer.
ARO homes offer numerous benefits, both for residents and the city as a whole. For residents, ARO homes provide the opportunity to live in desirable neighborhoods at a more affordable cost. For the city, these homes contribute to the creation of mixed-income communities and help maintain the socioeconomic diversity that makes Chicago unique.
The City of Chicago enforces ARO requirements through its Department of Housing. Developers are required to submit compliance plans and provide documentation to demonstrate that they are meeting the mandated affordable housing quotas. Non-compliance can result in penalties or additional fees.
Yes, ARO homes generally offer the same amenities as market-rate units within the same development. Developers are expected to provide comparable amenities to all residents, regardless of whether they are occupying affordable units or market-rate units.
Before applying for an ARO home, consider your long-term housing needs, the location of the development, and your eligibility based on income requirements. It's also essential to research the specific developer and understand their reputation and track record.