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

[Votes](https://www.chicagopolitics.org/legislation) › [Finance](https://www.chicagopolitics.org/committee/finance)

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](https://www.chicagopolitics.org/committee/finance)
- Introduction Date: Feb 21, 2024
- Final Action Date: 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 (32)**: [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), Carlos Ramirez-Rosa (former member)

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

## 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. 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](https://www.chicagopolitics.org/meeting/A1CD53C7-BFFC-EE11-A1FE-001DD8301219). 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.

## 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)

## Related legislation

**More from Johnson, Brandon**

- [Executive Order No. 2026-7 (Senior Bill of Rights and Establishing the Mayor's Office on Aging)](https://www.chicagopolitics.org/matter/F2026-0029547-executive-order-no-senior-bill-rights) (F2026-0029547, introduced Dec 8, 2026, Placed on File)
- [Issuance of general obligation bonds (2027-2028 General Obligation Borrowing Ordinance)](https://www.chicagopolitics.org/matter/O2026-0029650-issuance-general-obligation-bonds-general-obligation) (O2026-0029650, introduced Oct 21, 2026, Referred)
- [Fiscal Year 2027 Budget Recommendations](https://www.chicagopolitics.org/matter/O2026-0029642-fiscal-year-2027-budget-recommendations) (O2026-0029642, introduced Oct 21, 2026, Referred)

**More on Bonds & Bond Issues**

- [City of Chicago Fifth Supplemental Indenture and issuance of Second Lien Wastewater Transmission Revenue Bonds, Project and Refunding…](https://www.chicagopolitics.org/matter/O2026-0029409-city-chicago-fifth-supplemental-indenture-issuance) (O2026-0029409, introduced Oct 14, 2026, Referred)
- [Authorization to utilize proceeds from 2024 Bond Funds for working families to purchase new construction affordable homes produced by…](https://www.chicagopolitics.org/matter/O2026-0029209-authorization-utilize-proceeds-2024-bond-funds) (O2026-0029209, introduced Oct 14, 2026, Referred)
- [Issuance of Chicago O'Hare International Airport Senior Lien Revenue Bonds](https://www.chicagopolitics.org/matter/O2026-0026370-issuance-chicago-ohare-international-airport-senior) (O2026-0026370, introduced Jun 17, 2026, Passed)

Sources and methods: [how we get and count this data](/about#methods) · [report an error](/about#corrections)

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Source: https://www.chicagopolitics.org/matter/SO2024-0007838-issuance-general-obligation-sales-tax-securitization · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt