discriminatory or harassing behavior and speech directed
towards. Others is not permitted disruptive behavior,
including disruptive or disrespectful condo tearing. Others
presentations is not permitted, banners flyers, or signage
are not permitted backpacks, large bags, and sharp objects
are not permitted. Clear bags, not tinted in color that do
not exceed 12 by 12 by 6. In will be permitted in our
subject to search health food and beverages including in
metal canisters are not permitted cell phones. Must be
placed on silent prior to entering the meeting room.
Individuals must remain seated, public comments speakers,
are permitted to stand only when providing public comment,
small handheld devices may be used only while seated and
the user must refrain from interfering with the viewer.
Good morning. Good morning.
Please take a seat.
Want to welcome everyone to the Joint Committee on housing
and real estate and the committee on finance is hereby
called to order.
Now, I want to pass it to chairwoman dowo for the Roll
Call.
Good morning everyone. Um, we'll now have a roll call to
establish quorum
Vice chair Conway.
Vice chair Mitchell.
Alderman.
Hopkins.
Alderman Robinson.
Alderman Hall.
Alderman Beal.
Alderman. Lee.
Alderman Ramirez.
Alderman Quinn.
Alderman Lopez.
Alderman Moore.
Alderman. Curtis almond OSHA.
Saw Alderman. OSHA was just here Alderman Rodriguez.
Alderman tabaris.
Alderman Fuentes.
Alderman brunette.
Alderman. Talia pharaoh.
Alderman, Cardona.
Alderman waguespack.
Alderman, Rodriguez, Sanchez.
Alderman Quezada.
Alderman. Vagus.
Alderman mitts.
Alderman pisado.
Alderman Vasquez.
Alderman. Reilly
Alderman cusan.
Alderman. Martin.
alderman manal, hoppenworth
Alderman, Hatton.
Alderman Silverstein.
Chairman dowels here.
Cher Lopez president.
Of vice. Conways. Vice, Jeremy Conway.
We have a quorum. We have 23 present.
Um, Alderman, laspada, Alderman, Taylor Alderman, Harris
Alderman, clay, Alderman, Mosley and Alderman. Scott
A requested participation remotely at today's meeting for
recent stated under rule, 59, can I get a motion to allow
these Alderman to participate?
So moved by Alderman, Lee.
Alderman, Fuentes, we have you in County due towards form
Motion made by Alderman Lee, all those in favor. Signify by
saying I
Opposed, in the opinion of the chair of the eyes have it. I
just want to confirm Alderman laspada. President, can you
hear me Alderman Taylor?
Here Alderman, Harris, here, Alderman, clay, president
Alderman Mosley present Alderman, Scott.
Chairman sicha Lopez.
Thank you, thank you. Chairwoman uh, at this time, we'll
begin the public comment period, the public comment period,
will be limited to 30 minutes. Um, out of respect of
everyone's Time. Each speaker is going to be limited to 2
minutes. Um, we are going to start with the panda person.
that is on zoom, and then we have 12 others in person. Um
we're going to start with Joseph Nigro.
Can you hear us?
Yes, I can. Good morning.
My name is Joseph Nigro.
I'm a native chicagoan and I support the permanently
affordable, housing proposed in the green, social housing
ordinance.
As an Uber and Lyft driver. I see it becoming harder and
harder to make ends meet. I've even heard of drivers having
to live live in their cars.
In addition to affordable housing, I believe the council
should pass the fair. Share ordinance in the workforce
committee. When I started driving 10 years in 27,000 rides
ago, we could actually make good money and a decent living
is drivers. I was guaranteed 80% of the fair that the
passengers paid
Today with the greedy algorithms, controlling every
transaction.
I'm lucky to walk away with 50%. I've even seen individual
fairs where passengers are charged 4 times with the
drivers. Paid the fair, share ordinance, with eliminate
these profiteering, algorithms and rebalance the system in
favor of passengers and drivers. The passengers won't be
gouged and dryers will be able to earn a living.
Safety is another big problem on the system just a couple
weeks ago on March, 21st, another driver was attacked. He
did everything right, Uber gave him a passenger, they
claimed was verified, he checked their name and pin code,
but then they tried to Rob and carjacked him. When that
failed, they beat him with a gun knocking out many of his
teeth.
It's a sad thing to say that being lucky means. They didn't
shoot him and he made it home to his family alive. He was
left in pain and to add insult to injury.
40 to 50,000 dollars in dental work.
As passengers and drivers. We know, something's wrong with
the current system. It's broken. However, this system has
been intentionally built by these Mega corporations, over a
decade, paying programmers to write millions of lines of
code to exploit Us in every transaction.
Imagine where the city's finances would be if the millions
of dollars extracted from Chicago in its Pockets that
actually stayed here. If that wealth had been spent locally
Thank you. Um, next we have Jessica rodnick
And wild Miss Rodman is coming to the phone. I wanted to uh
acknowledge all the Manhattan and Alderman, Reilly will be
counted towards form.
Next would be Patricia Puente so you're next
Okay.
I'm Jessica red. You're, you're after you have to Jessica,
okay, okay? Hi city council. Um, my name is Jessica radnik,
I'm a resident of Uptown and a volunteer with 1, north
side. And I want to encourage you all to vote for green
social housing today. I want to see Chicago standing up as
a leader in this challenging political moment that we're
having as a country. Um, I want us to be a Beacon of Hope
at where people can afford to live, um, and I want to see
address climate change which we know that the Trump
Administration is not going to do. They're threatening
affordable housing across the country. We have a chance to
stand up to that. They're also threatening climate, smart
solutions, that are going to impact Our lives. Our health,
our communities, well-being, and our economy.
I think green social housing provides a tool in the toolbox.
It's not going to address everything but it provides an
opportunity to start. We have a major problem here in this
city with housing.
Um,
green social housing particularly is going to make sure
that the housing that is built to be affordable is going to
address some of the climate change issues that we are going
to face in the future. We are going to see hotter
temperatures more air quality pollution. We're going to see
more flooding. We're going to see, um, residents struggle
to meet utility bills. And if we don't prioritize that as
we're building affordable housing, we're going to continue
to see the Public Health crisis. The mortality during high
heat waves, we're going to see people struggling to pay
utility bills when it's extremely hot and extremely cold
and so that needs to be integral in this solution.
Um, I'll just add on a personal note when I moved to
Chicago a few years ago, I chose to move to Uptown because
I saw that there was affordable. Housing, option, economic
diversity in the neighborhood and Community who was really
involved in the issues that affected our lives. And so I'd
like to see the city as a whole, take on the spirit, that
Uptown has demonstrated and be a, a, a Bastion of Hope in
these Hard Times across our country. And I think green
social housing is 1 tool. Moving us up.
Thank you. Jessica, next, we have Patricia Puente
Followed by Dennis White.
Good morning. My name is Patricia Pointe. I'm here because
of um, the homeless. I'm trying to take care of this
homeless lady Caucasian. She has been sexually abused. Uh,
she has been uh, of injected with drugs and everything
because she's homeless.
By men. Okay. Uh, the thing is that on 6301 Western corner
of 63rd Street, there's an abandoned building with the
windows falling last window, falling. It's abandoned,
please do something about it.
If it's been there for 5 years, like that.
You know, give it to homeless, people know. Don't just have
it there and and the glass falling on people, um, when
they're passing by the other thing is, um,
Uh, uh, what is it? Okay.
I went to the housing, uh, I don't remember what it called,
housing, whatever right here on on, um,
on Madison and, uh,
They treated the Caucasian people like.
Oh, you don't need a housing. You don't need this. You
don't need that. These people have worked all their life.
Okay, they haven't um, Social Security if they were
waitresses if they were this since 14 years old,
And they're getting uh, what 800 dollars. They cannot
afford.
Housing. Okay. But the migrants come okay and they say oh
we're going to take care first of the migrants, Whoever has
less they take out their pockets and say we don't have
nothing. Okay, well let's take care of you then not only
that they told their the country told them once you're in
the United States of America, you
whatever, thank you, thank you, Miss Miss point. And next,
we have Dennis White.
Good morning, everybody.
what if the green social housing is it going house, the
homeless,
The veterans or the migrants, which 1 are they?
So, if you do pass this, who gonna pay for it? The
taxpayer, or it's gonna come out the 1 who voted for this
out of their pockets.
That's 1 thing about it.
I don't think it's gonna do anything about climate change
is the weather that's called weather flooding, call natural
disaster. It happened every year instead of doing the
change of the season. So now
If a a tornado hit somewhere near hanky KO close to Cook
County.
What you going to do about? If not agree, green, new deal,
if not no more than a green new scam, that's all it is.
So we need to be very careful about this social housing
thing and stuff, because we need the citizen of Chicago
needed more than if you go and put the illegal immigrants
in it.
so, the thing about it is,
Who going to pay for it? Because you, you want your mayor
won. 300 million, then 164 million. Then y'all did a 40
million uh loan then a 800 million dollar Bond.
With Tire paying for everybody else's responsibility. The
responsibility is what can you do for your citizen? Because
you're not doing little to nothing about the citizens of
Chicago, but when they need to leave come in.
Y'all break your neck and you expect us to flip the bill.
We're tired of it and we're not going to go for it. No
more.
Enough is enough with this.
so, the thing about it, is the next
From here. On out we going to come to y'all a little uh
town hall meeting and we're going to disrupt it.
And we going to let you know what's going on with with this
mess here. So I say no for that. Thank you next. We have
David Sartori
You're gonna have yell your time. Thank you next. We have
um, Jimmy
Um, roshi. All right.
Jimmy.
Everybody, uh, my name is Jimmy Rothschild. I live in the
33rd Ward and Albany Park, uh, and I'm an organizer with
the Jewish Council on Urban Affairs. Um, I'm here to urge
you, to support, uh, green social housing, uh, today in
Committee. Um, last week, we got some expected but
devastating news that uh Trump's proposed budget makes
massive, massive, massive cuts
To the federal funds that we use in Chicago to house.
Vulnerable people
Um it is essentially entirely eliminated the federal
funding that we rely on.
To make sure that folks have affordable housing in the city
puts in jeopardy.
Thousands and thousands of units that are already in the
development pipeline, to say nothing of of um of units in
the future.
What we need to do in the face of this, these massive and
devastating Cuts is explore and pass options that put the
control of housing funding in our hands, here in the city.
And the green social housing is a perfect example, of 1 of
those programs. We have the ability to house thousands of
our neighbors.
without Reliance on federal funds by using the
self-sustaining and Innovative model that with this 1-time
investment and this revolving Loan Fund of dollar Municipal
dollars that we already have set aside. We can have this
program that builds and grows upon itself in the future,
regardless of who's in the White House and regardless of
what,
Terror. He's trying to do to our housing markets here in
the city.
So we we can do that and we can do it as the previous
speaker from 1. North side was saying in a way that builds,
uh, ah, ah, green and sustainable future for us in a
financially stable, and environmentally stable way. So,
please vote. Yes this morning.
Thank you. Next we have Zoe Lee.
Our president that I love thank you for cutting Federal
funding because for some reason.
They can't find funding to settle my family's case now.
Mine
I'm going to let y'all know right now. Y'all going to
continue to to violate this US Constitution and go hard for
the illegals who don't even.
Understand the US Constitution. The US Constitution was not
written in Spanish. Okay. And y'all going real hard for
him? However, y'all are pushing seniors out.
So, I don't know if you guys are aware and I'm going to
have to probably do a video. But, um, and LaMont Robinson's
ward. He has, uh, Lake medals and Prairie Shores.
And that is little Devon part 1, top part 2. That's India.
How that's India House for Real? Uh, big India House, okay?
Uh so we got an issue and the issue is you've got the Hindu
Indians that. Now just have this new play War. Uh, that's
going against Pakistan.
And you have the Mexicans and you got Israel, and you got
what China, they be chilling. But um, that's trying to, to
run America. This our country. We built this country.
Y'all have lost y'all Everlasting mind.
It's Rico time.
Y'all are going to prison. I don't know what y'all think.
This is, I don't think we built this country.
We built this cuz my ancestors built this country.
Y'all can't settle my case to do nothing. Black Caucus
can't even show up half of them on on, on Virtual Janette
Taylor. You you got all these lots that you just got for
sunshine. Sunshine Ministries for a dollar but 1 of our
people who in your ward can't get there, a lot next to it
and she went through the whole process and I told her to go
to the process so I can see it myself. I'm not playing with
none of y'all.
Thank you next week, have been ishibashi.
uh, hello city council, my name is Bennett shibashi, I am a
resident of Rogers Park, um and I'm a community organizer
with 1, North Side, Community organization that builds
power for working people and people of color across
Chicago's north side and here to urge you to support green
social housing.
Um, as many folks have already testified housing in our
city is broken, um, we have too many of our neighbors
living in tents. We have too many neighbors, being pushed
out of the city entirely by rents, uh, that are rising.
and uh, at at and at the same time, we know that climate
change is going to be pushing more and more folks, uh, here
we live next to the greatest source. The largest source of
fresh water on the planet.
And more folks are going to want to move are going to need
to live here because of that.
Um unfortunately, the way that we build housing right now,
primarily to build profit and to make profit for uh for big
Banks and private developers is not working green and
social. Housing is a first step towards building a new
model of housing here in Chicago. That puts uh that create
treats housing as a public good and puts uh putting roofs
over our neighbor's heads above.
Um, you know, making profit for for big Banks, passing green
social housing. Uh, will free up, more money and
low-income, uh, housing tax credits. Uh, grow the pot of
resources available to build housing in the city, um, and
give us a new, a powerful new model, uh,
To uh that won't fail us. Um, thank you for your time and
again urge you to pass screen, social housing, thank you,
thank you. Next we have uh Del Carter
And while she's coming to the my I want to acknowledge all
the men Hopkins, has joined us and will be counted towards
corn.
First, we say no to this green climate social scam.
We have some housing available. If you all get rid of all
these illegals that you all brought in, we all have, we'll
have somewhere for the residents in the homeless to go. But
that's not what you all on because we got a bunch of
foreigners in these seats. So, let me say this,
I want to first thank Congress on the Capitol Hill for
inviting. Chicago flips, read to testify. I want to say
thank you for allowing me to testify and tell what's really
going on in Chicago and this scam and how y'all still in
our money and giving it to these illegals. I want to say
thank you next. I want to give a special shout out and
thanks to our president, the people's president, the real
MVP president. Donald J Trump for listening for to the
people. I want to get a shout out to that and then I want
to say this, you all can be up in here. You all can smile
and laugh. We told y'all it's Rico time they coming and we
won't think we coming for these seats. Y'all won't have
these. All y'all foreigners that got into these seats and
y'all against American with this anti-American. Agenda,
it's over for y'all. I told y'all
y'all was smiling at first when we first came up, it was
funny.
Now ain't nobody smiling no more because we're coming for
those seats.
And y'all going to jail is Rico time. Thank you president.
Trump, I know you listening to us. We need pay on Bundy
We need cash for tail here and listen. President Trump
whenever and Congressman on Capital, he had whenever you
need us to come and testify and talk to you all, we have
paid for
We'll make sure we get there because y'all getting up out of
of here and we going to represent our and we sticking for
ourselves flip. Chicago red. And this happening.
Thank you next week. Have Mia barriers Mia.
Okay. Hi, my name is Mia Barros, and I'm a representative
for people for Community. Recovery, a legacy EJ.
Organization on the far, south side of Chicago, that
focuses on environmental and climate Justice, economic
equity, and Community, Health Green. Social housing is a
mixed income affordable housing, that places power in the
hands of the residents by Captain housing costs at no
higher than 30% of a family's income. This ensures that no
resident is rent burdened while still covering expenses for
the overall project. It's a sustainable solution that
combines affordable housing with environmentally friendly
building. Practices, that not only is crucial for economic
stability, but also for addressing climate change.
Importantly, this project would further Chicago's climate
action plan goals by reducing carbon emissions. Increasing
household savings, advancing environmental justice and
improving holistic Community, Health beyond the importance
of this ordinances abilities. For Chicago residents to
affordably age in place. This project is something I value
because I've seen the struggles of people around me living
paycheck to paycheck.
To pay rent every few days, I see a new GoFundMe or Mutual
Aid request pop up on my social media for someone asking
for help.
Um, our affordable, our housing crisis is too real and hits
too close to home. I have friends who have to work multiple
jobs just to afford to live here and friends who are
homeless due to absurd, rent prices. My friends, young
Chicagoans, who see a future for themselves. Here could
benefit from this project. When I was in college, I read
Carl sandberg's poem, Chicago. He coined the city, the city
of broad shoulders as a nod to our strength, hardworking
nature, and role as a major industrial, and economic Hub.
Sandberg references, the city's hardworking
Middle hard working class history and the laborers who
contributed to its growth. But what about now, our
working-class cannot afford to stay here with the cost of
relentlessly Rising rent, prices, while incomes stay
stagnant, the very class who built Chicago is shrinking,
leaving to the suburbs to chase lower costs of living
Generations, who have been here. Can no longer age in place
as their grandparents had before them, I may not be the 1
re the benefits of social housing, but it makes me feel
better knowing future Chicagoans won't have to deal with a
predatory rental system that prioritizes profit over
president's well-being. It makes me excited knowing Chicago
can be a leader in the country for a sustainable
affordability, affordable buildings that shift towards
defense.
Okay, thank you next. We have Samuel bin.
How's it going, everyone? Uh my name is Sam. Uh I live in
Edgewater uh about a month ago, I spoke in this exact spot,
Uh, on behalf of 1, North Side, Chicago, in support of
green social housing. Um, as we all know, yian didn't pass
through committee that day. Um, some council members
expressed concerns about, uh, the logistics and semantics
of of this. Uh, ordinance. Uh, 1 Alderman, said that the
actual idea is of this ordinance were solid. Something that
virtually everyone in this room could agree upon. Um, but,
uh, took issue with the the logistical nature and some of
the language. Um, in this Alderman said that this is
something that we could easily revisit in 2 weeks' time and
and, uh, and remedy those issues, uh, in my eyes. Any
logistic concerns surrounding this ordinance have been
addressed. Uh, the new amendments to this or ordinance have
clarified. The inner workings of its nonprofit governance
and it solidified it its ethics parameters. It's also been
approved by the ethics uh committee.
Uh, beyond that Grassroots support for gsh is clear. Uh,
this ordinance will make our city more affordable to more
Chicagoans and to all Chicagoans.
It does this by giving priority to folks with housing
vouchers and including units that are affordable to more
folks below the median income level. It also grows the
overall pot and frees up more funds for communities in.
Need let's make the Chicago economy work for us.
Uh, I recognize the fear and uncertainty inherent to this
political moment. Uh, the Trump Administration is planning
to gut federal funds to affordable housing and climate
actions. It's make B vague threats about, any such action
taken on a local level that is to say threats against
action that benefit our city.
But Chicago is the type of place to tell the president
where he can put his threats.
Especially when it comes to our families and our neighbors.
Let's pass this ordinance.
It is economically, viable, environmentally responsible and
it is in the long term. Best interest of our city. Thank
you.
Thank you next week, have Julie Dorking working.
Morning.
I'm speaking this morning on behalf of the institute for the
public, good to express, our strong support for the
ordinance. That is being considered today, which would
establish a nonprofit developer to implement the green
social housing program Institute for the public. Good is a
nonpartisan policy Institute that strengthens the public,
good by releasing research and supporting legislative
efforts that Advance racial equity and economic Justice.
The Institute believes that housing is a public good, that
should be available to everyone without limit.
Our current structures for creating affordable housing,
have driven up costs, and time to break ground to the point
at, which we are barely chipping away at the need each
year. At the same time, we're staring down, massive cuts to
housing at the federal level.
Green. Social housing is a proven and Innovative way to
bring down costs and speed up the process. While also
creating a renewable funding source for housing who are
evolving Loan Fund and equity in paid off properties. In
addition, the housing will be tenant governed
environmentally sustainable and permanently affordable. All
things that will ensure better quality of life for
Chicagoans.
In the debate around, this ordinance there. Have been has
been no opposition to the substance of this proposal. In
fact, even detractors have said this is a good idea that
we'll have benefits for the city.
Concerns about oversight have been addressed through
significant changes to the ordinance. The funding is in
place to implement the program. As soon as the development
entity is created, there should be nothing standing in the
way of a yes vote today. We urge your support. Thank you.
Thank you. Our last speaker. Today is Anna Kaplan. Hartnett
Any.
is Anna Kaplan, Hartnett I'm from the 44th Ward and I'm
here to express my support for green social housing, as a
young person who recently moved to Chicago. I'm super
excited about living in this wonderful City and hopefully,
living here for a super long time. Raising kids here,
building my life here. And in order to do that, we need
affordable housing options that are going to be sustainable
as we Face the climate crisis, as we Face, the unfolding
crisis, that is the Trump Administration. And so I'm very
excited about this proposal because it is economically
sustainable. Socially sustainable. It builds on the
existing communities that we have here in Chicago and
leverages those Community networks to build housing that
works for us, socially works for us as communities, and
again, it's environmentally sustainable. So I'm a huge
proponent of green social housing. I'm very thankful for
all of the work that's been done to propose this ordinance.
All of the work that's been done to make it even better and
make sure that it works for Chicago.
Chicagoans. Um yeah. And that's what I have to say. Thank
you.
Thank you, this concludes our public comment period. Um now
now we have uh also written public comment. We received
numerous written public comments from, uh, a number of
housing providers and advocates in support of the green
social housing ordinance before us today that were sent
electronically to everyone. That has not been any uh
written comment, uh, against it. I would like for the
to read those letters that have been also submitted to the
to the committee members as well. The support the support
letters in your packet, include the Chicago Community Loan
Fund, Bob Tucker, um, 548 Enterprise AJ Payton, um,
elevated Chicago Arias Juliet working, santara Matthews
with 2s, attached Shack, Mathews people for Community
recovery, Kendrick Hall, Center for neighborhood technology
Nina, edamura access.
Is leaving of Metropolitan Chicago. Ilana Haven Latino
policy Forum. Anna iraga, Jewish Council on Urban Affairs,
Jimmy Rothschild.
Abon abundant housing, Illinois, Lionel Barrow. Linda
Armitage Wang North Side, uh G Jesse Hoy, Palenque lsna
trilo O Sullivan Chicago Housing Authority the entrance
CEO. Angela herlock
The center for changing lives Juliana Gonzalez crusie
Little Village, environmental, justice organization, Edith,
towbar, Metropolitan planning Council. Daniel luri.
The Chicago Association of Realtors. Sheila denzler and
Adrian morasse.
Sustainable Englewood initiatives, John Paul Jones 2
letters, attached and Edgewater environmental Coalition,
Tricia van. Heck,
Those are the letters that have been attached to your
packet.
now, um, the item in front of the joint committee on the
agenda, um, is, uh, a second substitute ordinance, as
amended amending Municipal, Code, chapter 2-44, but adding
new section, 2-44 d170, establishing a number for profit
residential Investment corporation to address housing needs
by financing acquiring owning and operating.
Sustainable housing, commonly known, as such green social
housing, south of the ordinance 2025.00 15560. There is a
second substitute ordinance as amended, which has been
prepared and sent electronically to everyone. Is there a
motion to accept the second substitute ordinance as
Amendment? So, move by Alderman, M Rodriguez, all those in
favor. Say I
All those opposed, say name in the opinion of the chair,
the eyes have it. The second substitute ordinance. As
amended is now before the Joint Committee as explained.
Now, join us today. Uh, for the Q&A, uh, we have
Commissioner of housing, Lisa
Jong, Yoon, chief of policy of the mayor's office, Matt,
turn assistant, commissioner or Department of Housing. And
there's a several people on the box that I just like to
recognize, uh, Brendan White, Deputy Commissioner or the
cfo's office, James MacDonald managing, Deputy Corporation
Council Department of Law, Justin itch, assistant
Corporation, Council, legal council division. Joseph Arcus
project manager on Department of the environment. Bradley
robak coordinator of Economic Development, Department of
Planning and Development, Steve Berlin, executive director,
or Board of ethics. And Deborah witzburg, Inspector General
office of the Inspector General. Now, I will move it to
chairwoman down.
Uh, thank you, Mr. Chairman, uh, like to acknowledge
Hall and Alderman waguespack have joined us for uh
committees. Um, I would like to ask that the commissioner
of
Housing, uh, please explain the changes in the new
substitute.
Good morning. Um City Council Members, thank you so much
for um the opportunity to present this to you again this
morning. Um and we um particularly appreciate the work that
many members of this committee have done uh, with us in the
last few weeks to ensure that we can get to, where we have
gotten to today if it is, all right, with the chair, I will
turn it over to Jung Eun for a walking through the slides.
Good morning.
Thank you, chairwoman dowel chairman s Lopez members of
council.
so just to recap the green social housing ordinance, before
before you establishes, a nonprofit developer called the
residential Investment corporation, or the Ric for short,
to accelerate our City's mixed income housing development,
This is again, a key initiative of the housing and economic
development bond which set aside 135 million to establish a
revolving Loan Fund so that we can develop mixed income and
permanently affordable housing across the city.
There will be multiple Pathways for development, both new
construction, and acquisition, and Rehab. By providing
low-cost financing to housing. Developers will be able to
use this construction, period financing tool, multiple
again, and again for different projects across the city.
And because the ra will maintain long-term ownership of
uh developments. They will be able to generate Equity that
can be pulled out to self-finance a rehab or invest in
other projects and or deepen affordability across the city.
So to recap or go over the uh changes we have made since in
the second substitute before you. I just want to say thank
thank you to members of this body for giving us an
opportunity to go back and make this ordinance stronger.
Uh, We've written these amendments in collaboration with
uh, the executive director of the board of Ethics, Steve
Berlin, and the Inspector General Deborah witzburg. So, I'm
grateful to both of you for your time and expertise in
weighing in on these amendments. Thank you.
So, the residential Investment corporation or the Ric
nonprofit will be, will be subject to the, uh, overview by
the Inspector General, as well as the board of Ethics, as a
City Contractor, this includes the duty to report, uh, to
the Inspector General and any failure to report would
constitute a default under the contract. The RAC will adopt
policies for its directors officers and employees about
this duty to report. And this also includes whistleblower
protection.
There will of course be gift restrictions both prohibitions
and limitations on gifts for all directors of the board.
Just as if they were City officials, there will be
limitations on campaign financing. The directors of the Ric
and all contractors with the Ric are required to abide by
campaign Finance restrictions just as All City officials
must and the Ric must report all of its contracts to 2 FM
for the inclusion and the 2fm list of contractors for
campaign financing purposes.
All directors of the board of the Ric will be required to
submit Financial disclosure statements to the board of
Ethics again just as All City officials must
we've clarified, that the uh all directors of the RAC
including officers and staff will owe a fiduciary duty to
the raic. And that all existio board, directors still owe
their primary fiduciary duty to the city.
In terms of conflicts of interest and ethics standards. Uh,
significant language has been added uh to avoid any
conflicts of interest, both for directors officers and
employees. Requiring that no 1 uh who has a financial or
personal conflict of interest can do business with the
raic.
Um, and this prohibits political activity as well.
Finally, we've added, uh, again some clarity to the mixed
income mix. So green social housing will include extremely
low income,
very low income, low income and moderate income units at a
mix of sizes.
Um, and the Ric will seek to maximize the number of
affordable and deeply affordable units with the acceptance
of portable rental subsidies such as vouchers.
In the case of a acquisition and Rehab, the RAC will seek
to meet its goals around mixed income, affordability, and
environmental sustainability as tenants existing, tenants,
voluntarily terminate their leases in the cases of a health
and safety. Uh, need to do a full rehab that requires, uh,
either.
temporary or permanent relocation of the existing tenants,
the Ric will develop a policy to ensure that those existing
tenants are taking care of
And then finally we've added language to further protect
the city of Chicago from, uh, you know, any bankruptcy
instances of the raac by limiting, any operating capital
from the city, to the residential Investment corporation to
not exceed 4 and a half million dollars and um is only
limited to the first year. So after that, the city cannot
continue to provide any operating costs or Capital to the
Ric.
Finally on Friday, president Trump did announced his budget
proposal which makes drastic cuts to housing in the city.
It calls for the total elimination of the Community
Development block grant, which the city received 108
million dollars last year and completely eliminates home
funds, 20 million dollars annually.
These federal grants are how we cover the cost of soft
funds and close affordable housing deals in the city.
by if president Trump's budget proposal passes, this
directly jeopardizes, 2,500 affordable units that are
currently in the development Pipeline and so this would
also substantially constrain future housing development in
this city.
and so, to close out,
Uh, wanting to underscore that green. Social housing is a
urgently needed solution for local housing production, that
uses local dollars so that we can continue to provide
housing for our residents no matter what happens at the
federal level.
Thank you so much.
Thank you. Very
Thank you very much. Thank you very much.
Any questions um, Alderman Rodriguez.
Um, thank you. Madam chair. Um,
On the matter. Um, I wanted to uh thank my council members
for bringing up uh, real concerns.
For bringing up real challenges that they had, um, with
package by no means is any piece of legislation ever
perfect. However, I think that what's been worked on here
has been worked on diligently. I believe that the subject
matter experts have been brought into the room. I know that
my colleagues will be asking them questions. I think I do
at this point, understand what some of those answers will
be.
But I'll definitely be looking forward uh, to hearing those
questions and those answers. But the fact is is that in our
great City, we've had great challenges 1 of which is our
housing crisis here and it ain't getting better folks.
The fact is we are not receiving support from the federal
government. As a matter of fact, the federal government is
pulling back on our city that's shameful and we've have to
put ourselves in a better position.
This, excuse me. Madam
This Alderman, um I would like to just caution as we had
respect for everybody who spoke in public comment. If if
this continues I will ask the people interrupting to be
removed. This is the last warning. The the the fact is is
that we need to have creative Endeavors that will
facilitate affordable housing development in our city. And
I believe this effort is that I want to really commend
older woman, Lenny Mana hoppenworth for her leadership. On
this. The fact is, I know she met with labor at a very
critical stage when labor was creating uh, for getting not
creating had real concerns about some of the language here
and that was dealt with and any opposition from that,
sector is no longer there.
The fact is we've had, uh, great efforts in this city that
have gone down.
With opposition.
Um, from multiple sides of the aisle. The fact, is that
opposition and that Pro side is together on this piece of
legislation, the fact is we've got community sitting down
with the Chicago. Uh, realtors in support of this
legislation. Folks, we've got both sides of the aisle.
On board, we've got labor who dropped their opposition.
We've got the hard work going on here. The great questions
that have, come, that have been answered largely as far as
I'm concerned. Look to me, this is a home run. We need to
get this passed today in the housing, The Joint Committee.
Uh we need to get this passed today in city council and
Madam chair. I move to pass at the appropriate time after
uh, uh, comments for my, my colleagues. Thank you. So very
much yourselves for your leadership, both chairs, uh, to
the fifth floor as well for listening to the concerns, but
to Lenny. Thank you so much for your leadership role very
well. You have shown your true stardom in this effort.
Thank you very much. Thank you Alderman Rodriguez.
Alderman, excuse me, vice mayor, Bernett.
Thank you. Madam chairman. First of all, I want to, uh,
commend the commissioner
um, commend everyone who have worked on, um,
On this ordinance. Uh, I want to commend the mayor for
having a foresight. I want to commend. Um, the IG, the
ethics Department, all of my colleagues who as those
pertinent questions uh and challenge the city to try to
come up with an ordinance in an organization that's going
to be. Alright, so we appreciate everything that everyone
has done. We appreciate everyone's questions, right? This
is to me. This is necessary.
Uh, I was looking at some history back in the 80s, um,
Rosen Kowski and I think it was hide. And during the Reagan
Administration, the market was bad in the 80s.
And it was necessary for them to come up with a policy
through Hood to help supplement developments to keep
developments going. That's our presidential Towers was
built in my ward and they ended up having 80% uh, 20%
Section 8 in those buildings and several buildings across
the city. Uh if they hadn't done that at that time, our
Market really would have crashed even more. Uh, they helped
to sustain and hold up the city and help people to keep
their jobs, but also get people affordable housing.
And attract uh market rate people to come to this city. Uh
this is in the 80s when the Democrats and the Republicans
came together to put this forth, right? It because it was a
national Challenge and right now it's a national challenge
today, but we got the opposing end of it now where the
federal government is actually taking money away from us.
So to be self-sustaining, I thank God that the mayor had
the foresight to try to come up with another tool to be
able to balance this out, to be able to continue to help
our affordable housing projects throughout the city of
Chicago. Now, I'm going to tell you, I know there's
questions and there have been concerns about how this may
not work in certain areas.
Well when they did the neighborhood opportunity fund and it
only come from certain Wars and that money goes into
helping other Wars throughout the city of Chicago on the
west and the South Side, it didn't help all areas, right?
But it was a tool to help some areas because
When you help some parts of the city, it ends up helping all
parts of the city. There's a lot of other tools that's out
here. That don't help. Every part of the city, everybody
don't have cha everybody don't have all of those other
things that's needed, uh, for affordable housing. But when
it helped those areas that do have them, it helps all the
areas it helps the whole city of Chicago.
This green social housing idea to leverage money, to be
able to have a revolving Loan Fund. I haven't heard
Anyone go against it and say that it's a bad thing. Matter
of fact our colleagues when they get their Co comments and
their concerns they preference it on the fact that they say
it's a good thing they think it's a good idea. It's just
that some things that we need to fix.
This will help to keep the city of Chicago moving forward.
I look at areas in my water and I know a lot of folks think
that I you know, because I have food market that I have,
you know, all these expensive everything in my world. But I
have some areas where it's challenging. What's on both
park. I got the highest crime area in the city of Chicago 1
of them, right? I have a lot of low-income housing in those
areas but at the same time,
At the same time, in those very areas.
I have folks building 75000 home
750,000 homes on the west side on the far. West side. You
go a little further in the 37. Ward is starting to be the
same thing. You start going in the 29 for it is starting to
be the same thing. You start going to to Bronzeville and
then you go a little farther, you starting to get housing
being built for over 500,000 dollars over, half a million
dollars over 750,000 and its pricing people out of this
city.
And right now, we may say that this is not for my area.
This is not for this area. Well let me tell you something.
If we don't get ahead of it, it's going to be for that area
if we don't get ahead of it and have a tool in place that's
going to be able to help stabilize and have some affordable
housing built in those communities. We going to get left
behind because let me tell you once they just, I just saw a
just saw a developer who first built the $400,000 home on
the 25500 block of of 1.
Once they start building housing, now, he told me on that
same block. The house is sold resold for $900,000.
once you get a spark,
Of gentrification.
It, you get a flame and it starts to come. And if we don't
do anything to help balance that out, it helps stabilize
that and help regular people to be able to stay in this
city and to be able to work in this city without having to
spend a lot of money to come to work.
We going to lose this city.
We need to make sure we do what we can without the money
that we're getting ready to lose. Is going to hurt us in a
lot of in a lot of ways, the money that Trump has taken
from us right now. We it's going to hurt us real bad.
uh, I know, you know, we just look at numbers up there but
we talking about a lot of programs that's helping to
existing houses and some of your Wars that you may not even
know about
That get some of that money to help to sustain those
properties help. The rehab, those properties help to re-up
those properties because they had to be refinanced. That we
don't even recognize that they come from, some of that
Federal money. Now, it's going to be taken away. We need
another tool and I'm not just, and it's not just in 1
Community. It's on a Gold Coast. Is it, my ward is our
South Way outside way up. North
Way on the west side, we got buildings around the city of
Chicago, where we have affordable housing, buildings.
That's been sustained by government funds. That folks don't
even know about vice mayor. You have, I you, you was on a
roll. Uh, do you have a question on this ordinance?
I I'll take that. I take that. I give you my petitions
tomorrow but might as well. But anyway.
no, I'm gonna say No my only question is if not now then
when that's the only question if not. Now then when that's
my question.
He's surrounding me out up there 1. Um, I want to
acknowledge Alderman bill.
Thank you for that endorsement. All right. Um, Alderman
Lopez followed by Alderman Lee.
Followed by Alderman Moore.
Thank you. Thank you, Chairman's and members of the
committee, excuse me before I ask my questions, I'd like to
ask if our
Inspector, General has anything to report from the last
time that she was here that she care to share with the
committee.
Good morning. Um,
Thank you chairs for for having me. Thank you alderman for
the question. Um, we have had a number of conversations
since I was last here before this joint committee and I I
do think that important improvements have been made in the
ordinance both. Um,
For purposes of oig's authority, over the corporation and
applicability of the ethics rules. Um,
certainly some policy choices have been made here in terms
of which rules will apply to people Associated or
affiliated with this entity and and how those will apply. I
will
Defer to others on those policy choices. Um,
I am confident that as the language is written. Now oig
will have investigative jurisdiction over this entity as a
city contractor and that those ethics rules, which have
been determined to be applicable or, or selected for for
application will, in fact, be enforceable. Um, I think, you
know, the, the structure of this application of the city's
ethics rules and oversight is, is sort of built on the
notion that this entity. The the
will be a City Contractor like, uh, like all other City
contractors, it certainly is not exactly that where we have
City officials running the corporation that in fact that
the commissioner of the Department of Housing, has both the
chair of the board and the president of the corporation,
that that doesn't look exactly like other City contractors.
And so, as I say, there are some policy questions here,
which I will defer to others. But I, I think that the
revised language does clearly uh, afford oig investigative
jurisdiction and applies certain of the city's ethics rules
to certain of the individuals affiliated with the
corporation.
Thank you.
Um, and since our executive director of Ethics is here,
would you like the opportunity to say anything sir?
Sure, sure. Uh, thank you Alderman Lopez, uh, from the
standpoint of the board of Ethics. Uh, we've reviewed both
this draft and 2 prior drafts and we're very pleased with
the improvements. And, um, I'm confident as I sit here
that, um, this particular City Contractor, um, that all the
angles that we have thought of, and that we can think of
are covered, uh, that there's going to be uh,
enforceability either between the office of the Inspector
General or the Attorney General, um, as to ethics rules,
that would apply to the people who are making decisions.
So, yes, I'm confident. So, when we were last here, uh,
Chairman. Um,
1 of the questions that came up and that was discussed at
length, was the issue of whether or not once Incorporated
that we would have any Authority or jurisdiction over this
newly formed. Not for-profit, has that been resolved? Or is
it still as it was when we were last here, that once
Incorporated, they are no longer under the purview of uh,
the municipal code or this body,
I defer that question to uh Mr. MacDonald from the Law
Department.
Thank you.
And if I could have a simple yes or no, on that.
For the record.
Okay, for the record. Thank you.
I am Jim McDonald. I'm a managing, Deputy Corporation
Council and the Law Department, the corporation would be
subject.
To the jurisdiction of this ordinance.
As the ordinance and the bylaws provide.
The corporation would be bound by the provisions of the
ordinance and its ability to amend. The bylaws is
constrained,
By both the ordinance and the bylaws itself.
so the question that arose, last time we were here was that
if the ordinance was amended at some point or things were
tweaked,
That it would not necessarily be applicable to an
incorporated entity after the fact. Is that correct?
The bylaws do not refer to any subsequent amendments to the
ordinance before you, that is correct. So the question then
is, if there are
tweaks changes amendments to the ordinance that this
Council deems needed and necessary moving forward as this
Yet to be incorporated, entity takes over 1.25 billion
dollars. Would we be, would we have Authority or the
ability to effectuate those changes mechanism for the city
to require changes? Excuse me, point of information from
Alderman Vasquez. Yeah. Just just want to get some clarity
because our colleagues said they're taking 1.25 billion for
this, but that's not my understanding. Can you please
clarify that he's talking about the entire amount that has
been allocated towards green social housing.
Actually can we the housing? Thank you. So the the 1.25
billion is the total of the housing and economic
development. Bond green, social housing is only 135 million
of that. Thank you for that.
At this point.
Correct.
uh, the entire allocation in the housing and economic
development bond is 135 million okay, which which we
I know. Okay, it's already that part's already out there,
but I want to make sure that. So then of the 135 million
associated with this,
if there was an amendment later,
or even if there was an adjustment to where the housing
bond in, its entirety gets put into this or anything else
down the road because money is always movable as we've
can I finish talking please?
As we've seen where money is easily portable and movable in
this body. The question is
What is passed today? Is that final in terms of what the
Ric is bound by because if there are further tweaks or
changes, we've basically just turned over hundreds of
millions of dollars to someone that doesn't necessarily
have to listen.
Listen correct.
The mechanism by which the city would provide funding some
of the bond proceeds to the corporation would be by means
of a written grant agreement.
It is, you would Envision that there would be probably
multiple Grant agreements because that would be a policy
choice.
But you wouldn't expect that you would give any grantee all
the cash upfront that they didn't need.
You would do it as they needed it and is that part of
incorporated into the ordinance, that that's what the grant
schedule is. It's not a grant schedule in the OR
Um Miss Yoon is best qualified to answer the question that
you're asking, whoever.
Thank you Alderman. Um, just to clarify again, the bond
ordinance passed last year which sets the amount of funding
to this program. We cannot go beyond that. In this
particular Bond ordinance, the ordinance you have before
you is an enabling ordinance to launch a nonprofit. It does
not appropriate or allocate any funds. All of those Grant
agreements will come back before Council for approval to be
invested into a particular development project. So Council
will have continued review and oversight over every single
allocation into in perpetuity for this program.
With regards to what I had asked last time with with respect
respect to the fees and thing and cost caps and things of
that nature has any of that been addressed in this latest
Amendment.
No.
Getting used to hearing that from you.
All right. Well, none of my concerns were addressed.
None of my issues were resolved.
And I think my answer is still going to be the same.
The problem that we have here is that we're setting an
unrealistic expectation of what we expect this to create.
you know, as we hear our our
residents say that our speakers today say that they are
rent burdened.
Paying rent is part of life.
and,
what we're saying is that we are willing to accept when
people can no longer pay that and that we, as a city
through our Incorporation,
Are going to continue to subsidize that correct?
Because what happens if someone who's rents subsidized in 1
of the units, that is covered by this and they no longer
pay or choose not to pay. So this so green, social housing
is unique in that it is not a direct subsidy, it is uh,
lowering the cost of development through a construction.
Period financing tool that allows for more efficient and
affordable market rate housing to be developed because we
are able to bring development costs down, we are then able
to cross subsidize within the development, the affordable
units. So there is not unlike other programs, direct
subsidy going towards a renter. Um, it is built into the
cash flow of the building through a pro-forma
Until taxes go up or other things, go up that change that?
My my point is that nothing that's going to be locking
those in.
In any underwriting you build in a annual year-over-year
cost increases to make those projections at a, you know,
with a cushion, um, in order to for, you know, uh, address
any unforeseen circumstances again, because this is not a
subsidy program, no development would be put forth that
would not be able to pencil out on its own and stand up on
its own. Uh, and again that is what's unique and will keep
the cost naturally down on these developments.
I don't think that that's going to be exactly how it
transpires.
And I think that when we hear individuals talk as we heard
today about what their expectations are, they're going to
be wildly disappointed when they see as things do happen
that unless you are
unnaturally restricting or somehow subsidizing pricing post
construction for livability.
Rents will always go up. Nothing gets
Nothing stays permanent costs. Always go up. So I think
that that's important for everyone to know as we're sitting
here talking about this because I think there's some
unrealistic expectations of what the outcome's going to be
and to answer some of the other questions that we've heard
is that that money is coming from taxpayers.
People who are in fact, paying higher property taxes to
cover the increased debt of this city. So it's not coming
out of nowhere, this is not magical money, it will have a
real impact on other individuals who are paying the
property tax bills of this, Municipal Corporation funding,
its debt, paying off its bonds and making this Enterprise a
possibility. Thank you. Thank you Alderman Lopez Alderman,
Lee
Thank you chairman. Um, and thank you to um commissioner
Castaneda.
Miss Yoon for all of the additional work that's been done.
And of course, uh, our Inspector General and our um
Our favorite ethics Guru, Steve Berlin? Uh, I appreciate
the additional time. Um you know, I I've been 1 of the
people who have been asking for more time and more time to
to work through some of these things. And I, I do want to
say that. I I feel that um
That you heard us.
Uh, on the, on the ethics issues. Um,
This has to be done in a, in a proper way if we're going to
do it at all, um, I just have a couple sort of lingering
questions here. Um,
I know it's the the ordinance before us is just about
starting the, the nonprofit corporation but um in all of
this, we've been talking about how it's going to function
um, if this goes through, so
You've presented that we're going to be targeting larger
developments, write 75 units or more. Um, and that we will,
we are going to include Acquisitions as well on the
acquisition side. Do you see the the the same sort of like
volume? Um are we looking for abandoned buildings that have
75 units or more? Are we looking at like developments that
may have smaller number? But we may be able to get
You know, heads and beds a lot faster. Yeah, if we were
to take existing structures and do something with that. So
that. So I think the 75 um like minimum it's about hitting
sort of um the rate of uh return that you need on what
we're trying to do. And so I think, when we think about
positions in rehabs we are thinking about it could be, you
know a couple of 35 unit buildings, you know, or 325 unit
buildings, you know, like that are maybe clumped together
where you could look at some of those things. And so
there's flexibility there um that um, we were definitely be
open to
On it. Um, we also talked about in some of the examples that
um you all walk through a couple meetings ago just about
what the capital stack looks like. We talked about Ida
being a likely possibility for um lower cost funding. How
is Ida funded? Like I know we're at risk of losing more
likely going to be losing Federal funding, does the same
thing apply to Ida and does that mean that we lose that
opportunity as well?
Ida is a Housing Finance Agency, a state Housing Finance
Agency, every state has 1 and so they have access to some
federal resources but um some of them are also just
different. And so the way in which they do things, like
Risk risk share loans, and things like that are also
happening at the federal level. Those are not quite the
same as the resources that we're seeing the federal
Administration Target like the Community Development block,
grants and home funds, which are very specifically designed
to help um with low income um households.
Got it so but we don't necessarily know how much Federal
funding is at risk at Ida at this point. I know you don't
work for Ida. I just I'm I I would not be able to speak to
that now
um, may I may I add um,
Ida is 1 of many options. This model still works with
commercial available debt as well, uh should uh you know
this circumstances change. Yeah, thanks for that. Um, you
know, I've spent a lot of time going through this ordinance
and the the whole concept had a lot of conversations with a
lot of different folks. Um, you know, and walking in the
door today, wasn't quite sure where
My head was in terms of a decision on this, but here's where
where I net out at the end of the day. Um, this is 135
million Loan Fund that we already approved. Um,
if we spent that 135 million on the average on the last
thing that we saw in finance for a totally affordable,
development was about 800 thousand dollars. A unit that
that only Nets us 169 units. I like the Innovative idea.
This is that it could that it could um, that it likely will
hopefully
Um, generate more funds in in bring more projects. It's
small though, right? And I, I know commissioner. You've
talked about this as as 1 additional tool and it seems to
me, we need to be doing a lot more than just this um,
you know, 1 of the talking points that we've heard today
and uh throughout this week is what's at risk with the
grants that we're losing from uh the federal government
you. My next question to you is, what are we going to do
about the 2500 units that are in process and what's the
plan for that? Um, there's no doubt that there's a need for
affordable, more affordable, housing and more housing in
general. We haven't been building, we don't have cranes up
in the sky um and if this is 1 way to get some things
moving while I don't,
Well, I still have some concerns about whether or not, you
know, this is going to be successful. I think we can't, uh,
paralyze ourselves into inaction. I will be a yes on this
today. Um,
but I want to talk a lot more about what we do to lower the
cost of building affordable housing and what are we doing
to make it possible for people to build wealth and own
homes? We've got a lot of abandoned buildings here, there's
no plans for any of those. Like we need to have a lot more
conversations about that. I'm really going to be counting
on all of you um, to bring that back to us because we've
got to find ways to make it easier and get out of people's
way, to to invest in themselves and in our communities. And
to make sure that, um, you know, Chicago is a place where
people want to build things, whether that's a small, you
know, homeowner that's just starting out or a big
developer. Um, and we have to work with other nonprofit
Partners as well. So, whatever we can do to make things
more affordable and easier to get things done, I'm all for
here, um, and you'll have my yes today.
Thank you all. Have a wonderful day. Thank you.
Thank you all lie. I just want to caution that it is 11:26.
We have a noon. Um,
City council meeting. So if you could do
just uh, make your questions concise.
Uh, we can get through that and perhaps be finished by noon
Alderman, Moore followed by Alderman, Ervin.
Thank you. Chairman, I'm going to be real short because,
um, Lopez answered, uh, or pose my question. I just wanted
to, uh, hear from the, um, expected General. And I just
want to definitely commend, um, it's important that, these,
all these voices are heard and I want to commend, um,
Autumn and rally especially and there were some others to
make sure that the, um, voice of the inspector. Um, General
and our ethics officer um was heard and uh and I appreciate
your feedback and and you, you know, looking at um to this
um, to this part of um, the reason why we haven't expected
the general is to not only improve what we do, but also,
um, um, make sure we're doing things right. And I
definitely appreciate, um, the work that you're doing that,
your voice was an absent from that, that means a lot to me.
Um, some other things that I did read and although, uh, I
am going to support this, um, from my own various reasons,
I want to, I want to make sure uh, that this
Administration.
Has her uh what the chairman of Finance um Department that
says as it relates to Cha um there has to be a focus on
that and we have to um move on. Um this plan for
transformation that's been going on um far too long and so
we got to make and make sure we put those efforts there and
not let that fall on. Deaf ears is critical. Thank you so
much, chairman, I appreciate it. Thank you Alderman, Moore
alderman.
Urban, thank you, madam chair. Uh, I I think that um,
Uh this is has been stated is another tool, and this is
It's merely an enabling ordinance. Uh, every deal comes
back to us and if you and your individual Ward, ugh aren't
looking to utilize that source of funding, then you don't
need to use the source of funding. But I, I don't think we
should be holding up communities and individuals that would
like to use this source of funding, uh, to make Development
Goal in their particular uh, Community. It's not, it's not
designed for every community and I I fully recognize that
but it is, it is designed and can help.
Some community. And so, I think as an overall, when we look
at this, we should be trying to help as many people as
possible. And if that tool works for them, litec works for
somebody else, Tiff may work for someone else. So when we
look at all of this together, um, these are things that can
help uh, alleviate the affordability challenge, uh, that is
playing in this city. And then and then another Point,
there's not an increase in taxes to handle a deal with
this, uh, you know, deal with this endeavor. Um, this is
that is already already already there is just being
repurposed and so this is not something that's going to
cost us money. A matter of fact it hopefully will generate
us revenue and generate us more tax dollars and generate
affordability for this city. So, I think that when we look
at it in this totality, um, this is something that can help
communities, that need that level of help and, and, and
creating the affordability, many,
Developers are coming to us. Now in areas I would have never
thought of looking for those uh 20% affordability, uh
assessment breaks. Again this is a math problem, at the end
of the day, ladies and gentlemen and if these things pencil
out better using this type of work and and exchanging for a
policy, a goal that we're trying to create affordability.
I've always said this the fair exchange is not robbery. So
I'm hopeful that
Uh we as a council can uh, look at how this can help some
communities and work to help build all of us. So, again, I
I, I, I think this is something that's Innovative, it's
different. And, uh, as um, ultimately stated if we took 135
million and put it toward affordable housing, we come up
with 170 units and all be mad where we can create something
that that theoretically can work in perpetuity to create
levels of affordability. I think that's something that's
Innovative. That's something that we should be considering
and something that if, if 1 of you all in this Council or
want to use, you should have the right and the ability to
use that. And so that's what I'm hopeful. We got all of the
ethics Kinks out the IG Kinks out all the other stuff is
everything's on the table, but I don't think we need to
hold up on letting people utilize tools that are going to
help their respective communities create affordability
because many of us are seeing uh, folks being priced out of
the communities. Let's talk to young man in my office. He
paying $2,000 a month in rent. That's crazy.
That's crazy. But that's the reality. That a lot of our
young people are facing that's causing them to leave our
city because they can't afford to be here. So if we can
create some opportunities, to keep our young people, to
keep our keep this city moving, that's what we need to be
thinking about, and need to be doing so. Thank you, madam
chair. I don't have any questions. I just wanted to get
that, I just wanted to say that. Thank you, man. Thank you.
Thank you. Uh,
Alderman, Urban, you got that in Alderman, hadn't followed
by Alderman Vasquez.
Thank you chair. Um, happy birthday Alderman. Ervin.
Sing to you later.
No.
um, I I uh want to Echo, um, some of the appreciation for
the policy team for the department and for our partners at
at the oig's office and with ethics. Um, I'll say if we
could work a lot of our legislation in this way, um, I
think we'll get a lot more done.
So, I appreciate that. Um, also uh, to Alderman, I'll
hoppenworth thank you for being a champion for this. And
for being that bridge between, uh, your colleagues, and the
Departments, and continuing to keep us moving, really
appreciate this. Um, and your work on it. Congrats on
moving this forward. Keeping us going, um,
As a representative of the 49th Ward, I don't know how much
green social housing will be used in my community. Um, we
don't have a lot of new development. Um, there's some
Redevelopment, a lot of it is done privately, um, but I
know that the displacement that we're experiencing, um, my
neighbors, the 75%, renters that make up the 49th Ward, who
are being priced out of our community will benefit from
more housing being created around the city as a whole. And
I know that it can be challenging for us to stay in our, in
our primary roles as representatives of our Ward thinking,
as we are so entrenched in problem solving in our own
community. That sometimes it's difficult for us to think
about the Citywide solutions that we need to see
implemented that it's hard sometimes to see how that will
impact us, right? Um,
but I think that we have enough data to show that creating
more housing,
And creating more affordable housing wherever it is in. The
city is going to benefit each and every 1 of our
constituents in our neighborhood, whether it's for more,
uh, units of Housing and more buildings and more people, to
share our tax burden of which renters do pay taxes, right?
Just in a, in a different form. Um,
um, or in, um,
You know, seeing the new opportunities for affordable
housing and accessible housing, right? That we're going to
create to allow people to stay in their neighborhoods,
right? Even if they can't stay in that particular unit. So,
um, very supportive of this plan to vote in support of it.
And I hope that my colleagues have had most of their
concerns, Matt. I felt like there was really good robust
discussion over the multiple convenience of this, and I've
really appreciated all the questions and challenges to
this. It is hard for us to do something new. Um but I know
that I joined this body um and I'm in this role of service
to try and create solutions to problems that we don't have
solutions for yet. And while this isn't going to solve our
entire uh affordable housing crisis. I do think it's a part
of the solution here. So I want to commend the, the mayor
the administration, um, the
Lead sponsors of this. And um, the community members who've
been really pushing to make this happen. Um, it'll be uh, a
good day in Chicago, when we try something Innovative and
rest assured, we're going to be hard on evaluating the
outcomes because we're probably not going to be 1 100 on it
out the gate. And we're going to have to come back, and
we're going to have to refine and make this tool work for
us.
Um, so I know this isn't our last conversation on it. Um,
but really just wanted to put out that support that
encouragement. We can't be afraid to do something new.
Particularly um I think time is of the essence here with
the changes. We know that are coming from the federal
government, we're going to have to be more self-sufficient,
um, uh, with the with what we're seeing in these cuts, and
we cannot be left unprepared or without every available
tool in our toolbox. So thank you all for your work. Thank
you chairs.
Augment Vasquez.
Thank you very much, Madam chair. Um, I definitely a plus 1
to a lot of the folks here. I think we know what the need
is, and I think we're seeing it play out as we're having
this debate. Everyone knows that in our different
communities, we're trying to figure out how to make housing
affordable. We're trying to figure out how to help
communities become more vibrant and so there's different
tools in the in the box. So I'm glad that this has talked
about. I also appreciate uh, ottoman Lopez's question, its
to helped it frame as what kind of a smaller tool, sort of
pilot. This is, as opposed to the 1.25 billion, he was
proposing. Um, I just think that
Us holding the matter to ask more. Questions to bring in the
Inspector General to make sure there's more oversight. All
speaks to what feels like the same concern. Um we may all
want to do new things but sometimes we're hesitant based on
who who we believe is making the case and there's a number
of examples uh, in this term that have led to people having
less confidence in things that the mayor's proposing. And
so I think that led some folks to have consternation in
moving forward. But I think hearing from different folks in
the administration, the Inspector General hearing from uh
you know, the uh Council side sponsors helped us kind of
get to that that point. I also think there might be
More ways to utilize the fund than what's currently
envisioned. Um, I know I had conversations with the
Department of Housing about different opportunities and
they may not. This may not be the tool for that but there
are other tools to to talk through. I think lastly, I'd say
that myself
Uh, alderwoman, Haden Alderman. Vas, part of why we kept
raising up the acquisition part of the equation, is because
it addresses that differently, right? There are ways that
you can purchase Properties, or sites to maybe create
opportunities in other neighborhoods that currently don't
have it. And so I would, yes, I'm in support of the 1.0
version. I would also challenge the folks here to join us.
As we look to see what acquisition looks like or what funds
are available to bring some of the basement.
On board to become adus. Like there's a lot of folks who
need a lot of help and I do appreciate that. This is a good
first step in it. So I want to thank you all want to thank
uh inspector witzburg. Uh if you ever want to hang out here
again happy to Point At You Again and make sure you get on
the mic. Thank you for for making this a better piece of
legislation and look forward to supporting it and ask our
colleagues to do the same. Thank you very much.
Alderman Silverstein has been added to Quorum, uh, alderman
cuentas.
Followed by Alderman. Thank you, chairwoman. Uh, first, I
want to acknowledge the work that all the women letting him
not hop in with has put in uh, to this ordinance being a
real Champion. Uh, once passed, this is going to be a
really big win for you. And some, I'm super proud of the
work that you've been able to put in here.
Look, it's not a secret. I think that the city is really
suffering from a housing Supply.
Uh, we have individuals in all sort of different
circumstances, whether they are living in tents and they
are Street based homeless or whether they're residing in
shelter, whether they're 1 paycheck away, um, from
experiencing street-based homelessness, the way to resolve
for that is to get more units online.
Uh, we have a, a major shortage in our Rental Supply and
this is just 1 way to help solve for that. Uh, there are
many all the people in this body that are working with uh
Chicago. Lots for working families and building single
family, homes to build generational wealth. There are
others like me that are building 100% affordable, housing
and density. Um, these are ways that we can solve for this
problem by building different forms of housing across the
city of Chicago. I'm excited to support this ordinance
today. I was ready to support it weeks ago, but I am
appreciative of the power we have. Shown as a, as a
legislative body to be able to work on a piece of Ordnance,
that brings many of us along, but more importantly,
presides to provide security and comfort, um, in a piece of
legislation. And so I want to thank, uh, the Inspector
General of the focus on ethics, uh, the mayor's office. And
And, of course, every colleague here who has raised
critical questions to make this ordinance better. Um, I
think if we can continue to operate in this way,
We'll be better in the next 2 years than we have been in
the past 2. Um, and so I would like to also renew the
motion that Alderman, uh, Michael Rodriguez didn't ask to
call this for a vote acknowledging that there's still some
folks. Thank you chair. We have, uh, Alderman Rodriguez.
This is motion on the floor, there is another Alderman that
has questions. And as soon as Alderman could finishes, we
will move forward with the motion.
Great and I'll make it super quick. Look, our process here,
I've been a fan of this for some time, we just talked to
local developers. I represent a ward with a good amount of
development demand and I believe this is an Innovative
funding mechanism and 1 that is iterative in effect. We
don't need every policy to solve every single issue. I hope
that this is used in my ward. I talk quite openly about a
history of representing a ward with the history of pushing
affordable, housing, elsewhere, and we've been trying
different things to make sure that the affordable housing
stays because Chicago has a city is better. When affordable
housing is balanced throughout. This isn't going to fix the
affordable housing crisis, right? But in communities like
mine, where? Well, as for so long, as I'm here, we're
trying to push up density on Clark. We've added about 200
units in the past couple of years, I want to make sure that
developers have another option for filling the funding
Stacks that can get quite complicated. So, um, not the
sexist, argument for it, but when I think that we'll make
iterative change,
And I want to thank um Al alder-person and I'll hop in with
and all the Advocates on this. Um and I want to thank the
um commissioner as well and I'm still calling, I'm hopeful
to get a 100% project in our Ward at some point in time. So
thank you.
Thank you, I'll connect you. Um 2, final speakers, 1
Alderman, build, and Alderman. Manan Worth to close and
then we
oh,
now, when we go past 12,
if people, if people came on time, we'd start on time.
um, Alderman, bill
Thank you. Madam chairman.
Good morning, everybody.
Just have a couple of quick questions. Um, first, um, when
we voted for the 1.25 million billion. Um, did you all
communicate that this was going to be created
Yes, there was 1 of the lines of the bond, um, the way that
the ordinance was written in our, it included, all of the
different pieces of how all of the things we're going to be
spent and 1 of the specific lines that was called out, was
the 135 million for green social housing.
Right. And
These jobs are going to be created, do they have to be
confirmed by the city council?
The jobs know, because the RAC is an independent.
Basically, appoint these people for hiring the board, okay?
And the board is appointed by city council, okay? So that's
that's what I'm saying was, okay, all right. Um,
the biggest problem that I have, is this,
the same people who are jumping up and down about
This particular ordinance are the same people who jumped up
and down about bring home Chicago.
and a big study came out of La last week that shows that
Chicago dodge a bullet
by voting down bring home Chicago. And so it is having an
adverse effect on the market in La. And so this is another
Scenario in which we're creating another hurdle.
Um,
to supposedly do some things.
that I don't think is at the end of the day, it's going to
have uh the in the impact that you all think is going to
have um because by the time this thing gets up and going
We're going to be into election time and we're going to
have, you know, um, you know, people trying to figure out
what's what? And I just don't think that
You know, this thing is going to materialize at the end of
the day. Um,
I believe that we should be investing this money and
partnering with cha, uh, because they have a lot of units
that are vacant. They have a lot of units that are open and
ready to go. So I I believe cha is the non for-profit arm,
that is charged with doing housing, so I think we need to
get a person appointed to Cha to lead that agency.
And then partner with them to do what they're charged to do.
And so I just don't think creating another hurdle of um and
and appointing people and rewarding people who are probably
not going to be qualified to uh, lead this agency. And I, I
I just don't think we're going to get the results that
we're looking for. So that's all. I have, Madam chairman,
Thank you, Alderman, Bill Alderman, Reilly, uh, Alderman
Mitchell, Vice chair Mitchell. We will count you towards
Forum Alderman, Reilly and to close Alderman Manan. Thank
you. Madam chair.
You know, I'm glad that my colleague said that that this is
how the legislative negotiating process should work.
Um, that was, that was refreshing to hear. So thank you
Alderman Haden for saying that. Um, I'd also like to thank
um, our Inspector General witzburg for her feedback and
Council and to uh all of our colleagues uh here today that
that helped hold up this ordinance to ensure, um, that the
administration addressed some very serious concerns
regarding gaping loopholes in the ethics and governance.
Provisions, that were contained in this ordinance
previously. Um, that said, um, at the last hearing, there
were a number of of our colleagues that were pressing to to
pass that version.
Even after.
we had identified some some real glaring deficiencies
especially when it comes to economic disclosures conflicts
of interest.
Transparency. And then just pure jurisdiction uh, of of the
board of ethics and the inspector General's office. Um so
again I'm I'm glad that that cooler heads prevailed and um
some common sense was used to literally pump the the the
city council breaks on this thing. Um, I would also like to
um, acknowledge the good work that the Law Department, uh,
and the administration generally did to address those
concerns. It's it's heartening to hear
from the Inspector General, that, um, when it comes to the
ethics piece of this ordinance, it's been vastly improved
and and um, you know that, I think plugs in well to what my
colleague was talking about how the legislative process
should work.
um that said having seen it work um in this particular case
case, um I do still have concerns about the ordinance which
I've it's not a surprise today. These are things that I've
raised and each of these hearings um and it's a policy
decision that we disagree on and I understand that the
Administration has a different view on a few of these
provisions. And you know we're entitled to a different
opinions on that. Um I was advocating for a 3-year term um,
for the board.
The administration is holding firm on a 4-year term. Um, you
know, I had hoped that that would be a pretty easy thing to
negotiate but apparently that was a a hard line.
Um, I also raised concerns a number of my colleagues did
um, about this new Mini bureaucracy, that would be created
to support and serve this new entity.
Um, and you know, this is not people donating their free
time for public service. These are 6-figure jobs in some
cases. Well, into the 6 figures.
Um, somewhere in the orbit of O'Hare and and and and the
the the aviation gig um and then lots of other well-paying,
jobs beneath it.
None of it accountable to this body.
uh and I understand why that has to be, um, but I we've
seen
This nonprofit structure used before?
To Shield something that sure looks and smells and sounds
like government.
Um, to mask that as a nonprofit entity.
Um, taxpayers have been burned that way before.
Um, and it concerns me with a replicating that model here.
I know that there's no nefarious intention here. Um, and I
certainly understand how a revolving Loan Fund can really
help, support affordable housing, I've set that before. Um,
it's clearly worked in other jurisdictions albeit very
different jurisdictions on this 1.
Um, but my, my real concern here is is, is related to the,
I think Goldman and urban, said it. Um, there's a math
problem. Well, right? Um, my concern here is that
The way many of these projects are envisioned to work, is
that you're going to be using.
Market rate units.
To heavily subsidized affordable units. Which by the way,
by the way, theoretically sounds fantastic. It, it sure
does to me. Um, and I'm sure there are ways you could find
to to achieve that goal generally.
Um, but I'm aware of too many anecdotal um examples in
Chicago, which have been related to me by my colleagues on
this body.
Um it doesn't. It's not something I can relate to that.
Having happened to my ward, but it's happened in theirs.
Where precisely this type of model was used. And it failed.
Where you had affordable units being supported by?
Market rate units. And in this 1 particular example.
Most of the market rate units were occupied by folks who
had retired, um, and were living on fixed incomes.
And as we know, uh, in any big city market rates rise,
And after 5 or 6 years.
The residents in the market rate units.
Could no longer afford to live in them.
But didn't qualify for the ones down stairs that they were
actually subsidizing.
And so what happened was those families left?
They left their Community. Uh, the units went vacant.
Uh and then of course, you know what happens next.
Those affordable units were underwater within months.
So that's my concern. And and again, um, were there more
direct accountability to this body? Where if things were
starting to go off the tracks, where we were having
examples that I just described occur
Where we could then again, pump the brakes.
I'd feel a whole lot better about this, um, but it was
already acknowledged by our friends in the Law Department
that
Once we, you know, crack the champagne bottle off the hull
of the boat.
This 1 set sail and that's it. There will be no future
amendments to how this board interacts with
Or doesn't.
With this body.
And so, that's why.
A number of us wanted to take this time.
To, to flesh out these issues and make sure that before we
launched this ship.
We're really, really cool with how that ship's going to
float and where it's going, and how much it's going to
cost.
and um,
frankly that's, that's my, my biggest concern here is that
um,
These could be really talented people on this board. I sure
hope there are
Um, but these are the types of of of anecdotal real life
situations that have occurred already.
And I just worry about committing a, a very substantial
amount of public dollars.
To this program again with less accountability to this body
that I think there should be. Um and again that is a a a
difference of opinion on public policy.
I've said it all along, I'll say it 1 more time. I I think
the idea that you have brought to us is a very, very good 1
and it's 1 that the city should figure out a way to
implement but without handing the keys to the car
To a bunch of appointed folks and ottoman. Bealls Point
appointed folks that likely will be palace with the current
Administration and the 1. Oh, and the fifth floor office
himself.
and,
I haven't been terribly impressed with, with the raft of
appointments. We've seen made in the last 2 years and in my
concern is, we could end up with some more unqualified ones
here.
And this is an important type of program. And so
We can't afford for these types of experiments to fail.
So again I I applaud the intent and I appreciate and and am
grateful.
To the sponsors and to the administration.
For finally, collaborating in a very meaningful way. So I I
give you credit for that. You deserve it and I hope there
is more of that. Um, but sadly for me, this ordinance Falls
a bit short. Um, thank you, madam chair.
Uh, thank you Alderman, manah hopworth, before you close. I
did want to say, 1 thing, I wanted to um reply to 1 of the
colleagues in here who suggested that um,
Some of us care more about, uh, this, uh, our Awards than
we do about the entire city of Chicago, and I think there's
nothing that's further from the truth. I think, uh, all of
us think about the city of Chicago. We may have policy
differences and
Priority differences. And some of us want to see opportunity
opportunity in our own communities that move at the same
speed and the same energy as this ordinance is moving. So I
just wanted to uh,
Say that. I think we're all.
In this boat together and we are different people. We're
not a monolith, uh, and I think um,
that should be acknowledged and not, uh,
uh, I can't find the words that I'm looking for, but should
should be acknowledged and not, uh, set us apart as being
different,
um, so with that, I asked uh, Alderman manah hoppenworth
who has worked very hard on this initiative to close and
then we will renew the motion made by Alderman Rodriguez.
Thank you. Thank you. Chairs, dowel, and seek to Lopez.
As the lead co-sponsor with Mayor Johnson, I'm very proud of
the process. We've gone through and the many hours of
robust debate.
Thank you to the mayor's office Jung and Emily from it. A
the commissioner do.
Law.
Steve Berlin from ethics. Deborah witzburg. IG
and to my esteemed colleagues including Alderman, Reilly
To bring us to where we are today. I really appreciate all
of your, your questions and concerns.
Uh, thank you to colleagues Alderman. Martin on pushing for
an ordinance that reflects our values on ethics and
transparency in governance.
Alderman Rodriguez, For Always lifting the voices of our
labor partners and Alderman V is for ensuring that we
acknowledge and respect Veterans for all that, they have
done to protect our democracy and in the gallery today. And
throughout our neighborhoods, I want to thank the housing
Justice and advocacy groups.
And their members who worked in Coalition for fighting
in City Hall and on the ground. To make sure that all
Chicagoans, no matter their income, status ability, or zip
code, and have the opportunity to be housed, safely and
comfortably, so that they can thrive in our great City.
today is truly an important Day to Remember,
In this moment, we're in a dual crisis of Housing and
climate.
Where we're facing a shortage of 120,000 affordable housing
units in the city.
And the climate crisis where indoor air quality is making
people sick and still utility bills. Keep going up.
Our affordable housing crisis is only going to get worse.
If Trump's budget cuts, go through and that it will
jeopardize 2500 affordable, housing units, we currently
have in the development pipeline,
this will be another tool in our toolbox to help spur
developments in tough Financial environments across the
city and not just for affluent communities, but this tool
can help invest in neighborhoods where investors have been
unwilling to
We Know, city government can't do this alone. We know the
private sector, cannot do this alone and we urgently need
new solutions to fill the gaps in both the public and
private sector.
This is an efficiently, an incredibly efficient tool.
Where we can continue to recycle and invest the public
funds to continually develop and bring permanently
affordable, mixed income housing to all of our communities.
This is Chicago's chance to lead and pass green, social
housing, an ordinance, that reflects our values, that
housing is a basic human need. And a public good, not just
to commodity to buy and sell for profit. We're in a moment,
we're doing nothing is not an option.
and as the vice mayor pointed out and as chair, Joel also
said, and what Paul wellstone reminds us is that when
We all do better.
When we all do better.
We all do better when we all do better.
And it it's true. This ordinance really addresses, all the
things that all Chicagoans need right now which is safe
comfortable, affordable, housing in every single
neighborhood. I'm a mother and my kids are growing up. I
would like them to have the opportunity to live in Chicago
in the city where they, they grew up in and right now it's,
it's just virtually impossible in the 48th, Ward and
elsewhere, across the city, where rents are spiking,
there's low vacancy rates and our demographics are changing
in that
Our diversity in which we love is is is uh changing. And
this is really the definition definition for me. Um,
Of what we don't want in Chicago.
We want something better than what we have right now and
and our systems are broken. So I asked for your favorable
consideration to pass this ordinance to transform the way
that we're doing things in Chicago so that we can all
Thrive no matter what neighborhood we live in. Thank you
all.
Thank you. Uh, thank you all the women when I happen with,
uh, there was a motion by Alderman Rodriguez um, to approve
this item.
um, can I have a voicemail to all those in favor, roll call
by Alderman Lopez so we're gonna go on the roll call, um,
Vice chair Conway,
Is a no Vice chair Mitchell.
Mitchell is a yes, Alderman. Yes is a yes Alderman Hopkins.
Hopkins is a no.
Alderman Robinson.
Alderman, Robinson is yes, Alderman Hall.
Alderman, Hall is a yes all the women Harris.
Alderman, Harris will come back to you Alderman. Be
Alderman bill is a know, all the women lie.
Alderman Lee. Say yes, all the women run Ramirez.
Alderman Ramirez is a yes, Alderman Quinn.
Alderman, Queens. I know Alderman Lopez.
I know Alderman more.
aldermore is a yes, Alderman Curtis
Welcome back for.
Is a no Alderman Taylor? Yes, alwin. Taylor is a yes
Alderman Mosley. Yes.
Alderman Rodriguez.
Alderman Rodriguez, DC Alvarez.
Not here all day with Scott. Now Scott said, no, all the
person Fuentes.
All the person said yes, all the member Bernett.
All the member net is yes. All Alderman, Irving Alderman.
Irving's birthday. Yes.
Ultimately a pharaoh.
Is a yes Alderman Cardona.
Alderman, Cardona is a no Alder Alderman, W is back is a
know. All the woman Rodriguez Sanchez.
Alderman. Yes, all the person casalan
Alderman, cassad is a yes, alderman viegas
No present. Alder women Mets.
Alderman Em Say Yes, alderman.
No Alderman Vasquez.
All the person basis. Say, yes, Alderman, Reilly Alderman.
Reilly is a know. All the person kuden person can N is a,
yes. Um,
All their person, clay.
All the person. Clay is a yes, Alderman, Martin, Alderman.
Martin is a yes, all the person going to happen with
all the person going to happen with the yes. All the person
had in.
all the person had in is a yes, all the person Silverstein
All the person silvering is a know, um, all the person here
is is a, yes. All right, all the person here is is a yes,
So let us um, tally the results.
Uh, Alder. Oh, chairman dowel chairman. Dowel is a know.
Chairman dowel is a no and chairman sichel. Lopez is a?
Yes.
so, we're going to go to the
and we double check.
2513 is what I have.
Yeah, 2513, right.
all right, um, we have 25 yeses and 13 NOS the motion
passes, the motion passes
Yep, they do pass recommendation of the second substitute
ordinance. As amended will be reported out at the next uh,
at the May 7th city council meeting.
I want to congratulate all the person and it happened
worth. I want to thank the commissioner of housing
Administration and all the colleagues today is a good day
for the city of Chicago. There be no further business
before the Joint Committee. Can I get a motion to adjourn?
So move by by, by Sher Mitchell.
The Joint Committee on housing. Real estate and committee
on finance is hereby adjourned. Thank you so much.