# 2024 Affordable Housing and Community Development Borrowing Ordinance

Issuance of general obligation and/or sales tax securitization corporation bonds for economic development and affordable housing programs

- Record number: **SO2024-0007838**
- Type: Ordinance; category: Bonds & Bond Issues
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Finance
- Introduced: Feb 21, 2024
- Final action: Apr 19, 2024
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=7A924B08-39D0-EE11-9078-001DD806E058)

## Roll call: Passed Apr 19, 2024

**32 yea, 17 nay.** This was a divided vote. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the [City Council meeting of Apr 19, 2024](https://www.chicagopolitics.org/meeting/A1CD53C7-BFFC-EE11-A1FE-001DD8301219).

**Nay (17)**: [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [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), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [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), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

**Yea (31)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Pat Dowell](https://www.chicagopolitics.org/ward/3) (3), [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), [Jeylú B. Gutiérrez](https://www.chicagopolitics.org/ward/14) (14), [Stephanie D. Coleman](https://www.chicagopolitics.org/ward/16) (16), [David H. Moore](https://www.chicagopolitics.org/ward/17) (17), [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (18), [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (19), [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), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (25), [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), [Ruth Cruz](https://www.chicagopolitics.org/ward/30) (30), [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (33), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [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)

**Not voting (1)**: [Chris Taliaferro](https://www.chicagopolitics.org/ward/29) (29)

Former members who voted: Carlos Ramirez-Rosa (Yea)

## Plain-language summary

> Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: [First Substitute SO2024-00078838.apr11.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/3ab2fa8f-e90d-4a6e-a347-e5e7437dcc8a.pdf). AI can make mistakes; the official document always wins.

The Chicago City Council approved an ordinance that lets the city borrow up to $1.25 billion by issuing general-obligation bonds and another $1.25 billion through additional sales-tax obligations. The money will fund affordable-housing, community-development and related programs across the city.

- Authorizes up to $1.25 billion in bonds and $1.25 billion in sales-tax obligations for affordable housing and community development
- Repayment will come from sales-tax revenues, not the city’s full faith and credit
- Bonds may be taxable or tax-exempt, have terms up to 40 years and interest caps of 12%
- Allows the city to refinance interim line-of-credit debt and cover issuance costs
- Provides options for optional or mandatory redemption, including make-whole pricing

**Money**

- $1,250,000,000 – aggregate principal amount authorized for bonds and additional sales-tax obligations

**Who**: Residents, non-profit and for-profit organizations, educational and cultural institutions, homeowners, and people experiencing homelessness in Chicago will receive the housing and development benefits, while investors may purchase the bonds.

**Where**: Chicago

## Timeline

- Feb 21, 2024: Referred, City Council
- Mar 20, 2024: Recommended for Re-Referral, Committee on Committees and Rules
- Mar 20, 2024: Referred, City Council
- Apr 11, 2024: Substituted, Committee on Finance
- Apr 17, 2024: Recommended to Pass, Committee on Finance
- Apr 17, 2024: Deferred and Published, City Council
- Apr 19, 2024: Passed, City Council
- Apr 19, 2024: Published in Special Pamphlet, City Council
- Apr 23, 2024: Signed by Mayor, City Council

## Documents

- [SO2024-0007838 Exhibit A - Trust Indenture.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d3a2c36c-10e8-44dd-89e6-a449672aab0b.pdf) (Exhibits)
- [SO2024-0007838 Transmittal Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/86f1e1b2-c7b8-4e7e-96dc-3b832eac6570.pdf) (Miscellaneous)
- [O2024-0007838 Original EDS.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/297fa7db-ffaf-46ea-ae9d-a33bc9d0cd4c.pdf) (Miscellaneous)
- [SO2024-0007838 Committee Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/fafe8009-8fbb-4486-a5a7-280f236729be.pdf) (Committee Letter)
- [O2024-0007838 Original Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/09049069-8c6a-4e2d-b2cb-dd1131d1c1d8.pdf) (Miscellaneous)
- [O2024-0007838 Original Exhibit A.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/4a1428c6-a762-4929-ba1b-bdebd9d93385.pdf) (Miscellaneous)
- [Second Substitute SO2024-0007838.APRIL 15.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/197a32d9-ecf6-44dc-948f-4726c8b19a3b.pdf) (Legislation)
- [SO2024-0007838 Signed by Mayor\_0318.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/0c300240-de7e-4e60-b3dc-2d0c35edbe01.pdf) (Legislation)
- [First Substitute SO2024-00078838.apr11.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/3ab2fa8f-e90d-4a6e-a347-e5e7437dcc8a.pdf) (Miscellaneous)
- [EDSs SO2024-0007838 Vol 1 dated Apr 11. Incomplete.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/03095fb3-8b54-4a7a-90bb-d5265b9dedf3.pdf) (Miscellaneous)
- [EDSs SO2024-0007838 Full EDS File verified April 17 2024.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/03ea036b-f836-4977-8481-00d7dc5aadb8.pdf) (EDS)

---
Source: https://www.chicagopolitics.org/matter/7A924B08-39D0-EE11-9078-001DD806E058 · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt