# Amendment of Municipal Code Section 16-14 enlarging loan loss reserve funding arrangements for qualified financial institutions as an authorized use of Neighborhood Opportunity Fund, modifying thresholds for Group I and II Award Grants Program, redefining eligible costs thresholds, and setting aggregate funding limit and risk reserve protections funds as described at 16-14-060 (f)

- Record number: **SO2024-0011016**
- Type: Ordinance; category: Municipal Code Amendments
- Status: Final
- Sponsor: Johnson, Brandon
- Committee: Committee on Budget and Government Operations
- Introduced: Jul 17, 2024
- Final action: Sep 18, 2024
- Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=F94EC68A-6444-EF11-8409-001DD809B40D)

## Roll call: Passed Sep 18, 2024

**48 yea, 0 nay, 2 absent.** On motion of Alderperson Ervin, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the [City Council meeting of Sep 18, 2024](https://www.chicagopolitics.org/meeting/E3329A8B-7A44-EF11-8409-001DD809B40D).

**Yea (44)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [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), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [Peter Chico](https://www.chicagopolitics.org/ward/10) (10), [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (11), [Julia M. Ramirez](https://www.chicagopolitics.org/ward/12) (12), [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), [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), [Ronnie L. Mosley](https://www.chicagopolitics.org/ward/21) (21), [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (22), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Jessica L. Fuentes](https://www.chicagopolitics.org/ward/26) (26), [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), [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), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [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), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50)

**Absent (2)**: [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27)

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

## Timeline

- Jul 17, 2024: Referred, City Council
- Sep 5, 2024: Substituted, Committee on Budget and Government Operations
- Sep 5, 2024: Recommended to Pass, Committee on Budget and Government Operations
- Sep 18, 2024: Passed, City Council

## Documents

- [O2024-0011016.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/8b80da2e-c636-44f2-8bcf-eb9eb92bc20d.pdf) (Legislation)
- [O2024-0011016 Mayoral Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/dd97fbf0-2d3f-433b-b6f6-211c105d9304.pdf) (Miscellaneous)
- [Substitute SO2024-0011016 Muni Code Amend Ch 16-14.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/8a977538-65c3-4cb9-9483-518e3006911d.pdf) (Legislation)
- [SO2024-0011016 Substitute Digital Tracking Cover.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/93038de4-0eff-4fe6-96b0-a495c48388a1.pdf) (Miscellaneous)
- [SO2024-0011016 Committee Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/4eb96751-c624-4f61-bd06-c7fce8fa7e60.pdf) (Committee Letter)

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Source: https://www.chicagopolitics.org/matter/F94EC68A-6444-EF11-8409-001DD809B40D · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt