On December 2, 2024, Chicago Alderpersons and the Chicago Association of REALTORS® announced an agreement on changes to the Northwest Side Housing Preservation Ordinance passed by City Council in September. This includes the following amendments: 

• Sunset provision and study requirement: The Tenant Opportunity to Purchase (TOP) pilot will be sunset on December 31, 2029, alongside the demolition surcharge. 

• Clear guidance for tenants and sellers on financial viability: The updated language clearly states that tenants must provide a pre-approval from a lender for buildings with four or fewer units or a letter of intent from a lender or community organization for five or more units to exercise their right of first refusal.  

• Clear guidance for tenants and sellers on the right of first refusal waiver and renewal of rights: The updated language makes it clear that the seller or their agent may ask tenants if they plan to waive their right of first refusal after the notice of intent to sell period. The ordinance amendment also specifies that the tenants’ right of first refusal will only be renewed when there is a new buyer and a drop in price of 10% or more. 

The amended ordinance sets March 1, 2025, as the new effective date for TOP, allowing time for the City Council to act on these amendments and for the REALTORS® and sponsors to inform all impacted parties of the changes. Enforcement of the TOP provisions of the ordinance will be delayed until the new effective date. All other sections of the ordinance, including the changes to the demolition surcharge, went into effect on October 9, 2024, and will remain in effect.