The Affordable Housing Opportunity Fund (AHOF) was established by using fees collected from developers through the City’s Affordable Requirements Ordinance, commonly referred to as the ARO.
Developers of residential housing projects pay the fees in lieu of including affordable units in their new developments or near them. The in-lieu fees are deposited into the fund and used by the City to support affordable housing opportunities across Chicago.
Half of the funds are used for the construction, rehabilitation or preservation of affordable housing, or may be used for other housing programs. To date, the funds have helped to create and preserve more than 2,700 units of affordable rental housing in 31 developments citywide.
Half are distributed to the Chicago Low Income Housing Trust Fund, which meets the needs of approximately 2,700 low-income residents through annual rent subsidies.
AHOF money has also supported various affordable housing programs including: