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

Clerk's short name: 2024 Affordable Housing and Community Development Borrowing Ordinance

Record number: SO2024-0007838
Type: Ordinance; category: Bonds & Bond Issues
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Feb 21, 2024
Final Action Date: Apr 19, 2024
Official record: Office of the City Clerk

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.

Nay (17): Brian Hopkins (2), Anthony Beale (9), Peter Chico (10), Marty Quinn (13), Raymond A. Lopez (15), Silvana Tabares (23), Felix Cardona Jr. (31), Scott Waguespack (32), William Conway (34), Gilbert Villegas (36), Nicholas Sposato (38), Samantha Nugent (39), Anthony V. Napolitano (41), Brendan Reilly (42), Bennett R. Lawson (44), James M. Gardiner (45), Debra L. Silverstein (50)

Yea (32): Daniel La Spata (1), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Nicole T. Lee (11), Julia M. Ramirez (12), Jeylú B. Gutiérrez (14), Stephanie D. Coleman (16), David H. Moore (17), Derrick G. Curtis (18), Matthew J. O'Shea (19), Jeanette B. Taylor (20), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Monique L. Scott (24), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Ruth Cruz (30), Rossana Rodríguez Sánchez (33), Emma Mitts (37), Andre Vasquez Jr. (40), Timothy R. Knudsen (43), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Carlos Ramirez-Rosa (former member)

Not voting (1): Chris Taliaferro (29)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: First Substitute SO2024-00078838.apr11.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. Two committees having been called, the Committee on Finance and the Committee on Housing and Real Estate, the matter was Referred to the Committee on Committees and Rules (Pursuant to Council Rule 42).
Mar 20, 2024: Referred, City Council. The matter was Referred to Committee.
Mar 20, 2024: Recommended for Re-Referral, Committee on Committees and Rules. The matter was recommended for Re-Referral by controlling legislative body.
Apr 11, 2024: Substituted, Committee on Finance. The matter was substituted in committee.
Apr 17, 2024: Deferred and Published, City Council. On request of Alderperson Dowell and Alderperson Ervin, the matter was Deferred and Published.
Apr 17, 2024: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Apr 19, 2024: Published in Special Pamphlet, City Council. The matter was Published in Special Pamphlet on April 19, 2024.
Apr 19, 2024: Passed, City Council (32 yea, 17 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
Apr 23, 2024: Signed by Mayor, City Council. The matter was Signed by the Mayor.