# Amendment of Municipal Code Chapter 2-44 by adding new Section 2-44-170 establishing not-for-profit residential investment corporation with the City's participation in the financing structure, acquisition, ownership, and on-going operations of affordable, mixed-income, environmentally sustainable housing

- Record number: **SO2025-0015560**
- Type: Ordinance; category: Municipal Code Amendments
- Status: Final
- Sponsor: Johnson, Brandon (with 1 co-sponsors)
- Committee: Joint Committee: Finance; Housing and Real Estate
- Introduced: Feb 19, 2025
- Final action: May 7, 2025
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=76EEBA20-D3EE-EF11-BE20-001DD83045C9)

## Roll call: Passed May 7, 2025

**30 yea, 18 nay, 2 absent.** This was a divided vote. On motion of Alderperson Sigcho-Lopez, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the [City Council meeting of May 7, 2025](https://www.chicagopolitics.org/meeting/C63038ED-FD1A-F011-9989-001DD830A299).

**Nay (18)**: [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [Pat Dowell](https://www.chicagopolitics.org/ward/3) (3), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [Peter Chico](https://www.chicagopolitics.org/ward/10) (10), [Marty Quinn](https://www.chicagopolitics.org/ward/13) (13), [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (15), [Stephanie D. Coleman](https://www.chicagopolitics.org/ward/16) (16), [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (18), [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (19), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Felix Cardona Jr.](https://www.chicagopolitics.org/ward/31) (31), [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (32), [William Conway](https://www.chicagopolitics.org/ward/34) (34), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

**Yea (27)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Lamont J. Robinson](https://www.chicagopolitics.org/ward/4) (4), [Desmon C. Yancy](https://www.chicagopolitics.org/ward/5) (5), [William E. Hall](https://www.chicagopolitics.org/ward/6) (6), [Gregory I. Mitchell](https://www.chicagopolitics.org/ward/7) (7), [Michelle A. Harris](https://www.chicagopolitics.org/ward/8) (8), [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (11), [Julia M. Ramirez](https://www.chicagopolitics.org/ward/12) (12), [David H. Moore](https://www.chicagopolitics.org/ward/17) (17), [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Ronnie L. Mosley](https://www.chicagopolitics.org/ward/21) (21), [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (22), [Jessica L. Fuentes](https://www.chicagopolitics.org/ward/26) (26), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27), [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (28), [Chris Taliaferro](https://www.chicagopolitics.org/ward/29) (29), [Ruth Cruz](https://www.chicagopolitics.org/ward/30) (30), [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (35), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [Angela Clay](https://www.chicagopolitics.org/ward/46) (46), [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (47), [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (48), [Maria E. Hadden](https://www.chicagopolitics.org/ward/49) (49)

**Absent (2)**: [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36)

Former members who voted: Jeylu B. Gutierrez (Yea), Byron Sigcho-Lopez (Yea), Rossana Rodriguez Sanchez (Yea)

## Plain-language summary

> Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: [SO2025-0015560 Second Substitute Enabling Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/f53fb936-e85f-4714-bdf3-06db68dc204a.pdf). AI can make mistakes; the official document always wins.

Chicago is creating a new nonprofit corporation to develop and run mixed-income, environmentally sustainable housing that includes affordable and deeply affordable units. The city will help fund these projects, and residents will have a say in how the buildings are managed.

- Establishes an independent nonprofit to finance, acquire, own, and operate mixed-income, sustainable housing developments in Chicago.
- Board includes city officials, mayor-appointed experts, and a resident representative, with terms and conflict-of-interest rules.
- Developments must have at least 30% affordable units (with options for deeply affordable units) and meet accessibility and veteran-preference requirements.
- Residents can form Tenant Governance Committees and a Resident Advisory Committee to influence building decisions.
- City may provide operating capital, loans, or grants, and can use up to $1.25 billion in bonds to support the corporation’s activities.

**Money**

- $1,250,000,000 – maximum aggregate principal amount of general obligation bonds and/or additional sales tax obligations authorized for housing and economic development purposes.

**Who**: Chicago residents, especially low‑ and moderate-income households, as well as city housing agencies and the newly created nonprofit corporation are affected.

**Where**: City of Chicago

## Timeline

- Feb 19, 2025: Referred, City Council
- Feb 25, 2025: Recommended for Re-Referral, Committee on Committees and Rules
- Feb 26, 2025: Referred, City Council
- Apr 4, 2025: Substituted, Committee on Finance
- Apr 16, 2025: Held in Committee, Joint Committee: Finance; Housing and Real Estate
- Apr 28, 2025: Amended, Joint Committee: Finance; Housing and Real Estate
- May 7, 2025: Recommended to Pass, Joint Committee: Finance; Housing and Real Estate
- May 7, 2025: Passed, City Council
- May 7, 2025: Signed by Mayor, City Council

## Documents

- [O2025-0015560 Committee Letter Re-referral.Feb28.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/e0c84e67-e7db-4d14-bfdc-45bc756288a2.pdf) (Committee Letter)
- [O2025-0015560.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/5dcb2cfc-854d-4cb2-ad0d-effc2026cc88.pdf) (Legislation)
- [O2025-0015560 Transmittal Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/521f4271-ea3b-4d11-9c18-6a3e525e5125.pdf) (Miscellaneous)
- [SO2025-0015560 GSH 2d Sub Amended Enabling Ordinance\_May 1 2025 v1.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0621bfee-41a0-4e28-a847-abff601d4ce7.pdf) (Legislation)
- [SO2025-0015560 Second Substitute Enabling Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/f53fb936-e85f-4714-bdf3-06db68dc204a.pdf) (Legislation)
- [SO2025-0015560 GSH Substitute Enabling Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/33a13639-f902-44ab-acf4-803f6255c378.pdf) (Legislation)
- [SO2025-0015560 Committee Letter Passed 5-7-25.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/311f9782-2009-43ab-90f7-08ce4a4ae4e2.pdf) (Committee Letter)
- [SO2025-0015560 FINAL Exh A Bylaws vers 10.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/b80721a6-7b85-43a3-8fab-1e7561ed7e32.pdf) (Exhibits)
- [Updated Committeee explanation dated May 2, 2025.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/3e85621c-b0ed-417e-8fa8-09cb959822d6.pdf) (Miscellaneous)
- [SO2025-0015560 Exh A Bylaws May UNCHANGED from Apr version.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/aa23e9ef-a79d-47cb-af42-694a1b7acaf4.pdf) (Exhibits)
- [SO2025-0015560 Final Passed Ordinance Signed By Mayor.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/f810a86d-5f42-4cc8-9225-c15b2676b58b.pdf) (Legislation)
- [2nd SO2025-0015560 as amended Enabling Ordinance.april29.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/aa169e7a-73da-4690-ab08-8ad73b3eb750.pdf) (Legislation)
- [2nd SO2025-0015560 as amended EXH. A Bylaws.apr29.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/6287851d-37ee-4417-8ead-b51cc4ca3702.pdf) (Exhibits)
- [2nd SO2025-0015560 as amended Digital Cover Sheet.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/e01edee8-ea4d-45c3-802f-685731dfce83.pdf) (Miscellaneous)

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Source: https://www.chicagopolitics.org/matter/76EEBA20-D3EE-EF11-BE20-001DD83045C9 · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt