Land Use & Zoning
Inclusionary zoning ordinances in Illinois municipalities typically require:
AAll new developments to have commercial uses on the ground floor
BA percentage of new housing units to be affordable to low- or moderate-income households✓ Correct
CAll residential buildings to include accessibility features for persons with disabilities
DDevelopments to include green space proportional to building size
Explanation
Inclusionary zoning requires developers to make a percentage of new housing units affordable to low- or moderate-income households, either on-site or through payments to an affordable housing fund. Chicago and other Illinois municipalities use inclusionary zoning as a tool to increase affordable housing supply.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Net Operating Income (NOI)The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Math Concepts
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