Amendment of Municipal Code Chapter 2-44 by adding new Section 2-44-150 authorizing ceding of tax-exempt private activity volume cap to Illinois Housing Development Authority and Chicago Housing Authority

Record number: SO2024-0012429
Type: Ordinance; category: Municipal Code Amendments
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Sep 18, 2024
Final Action Date: Oct 9, 2024
Official record: Office of the City Clerk

Roll call: Passed Oct 9, 2024

48 yea, 0 nay, 1 absent. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Oct 9, 2024.

Yea (48): Daniel La Spata (1), Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Marty Quinn (13), Jeylú B. Gutiérrez (14), Raymond A. Lopez (15), 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), Silvana Tabares (23), Monique L. Scott (24), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), Rossana Rodríguez Sánchez (33), William Conway (34), Gilbert Villegas (36), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Debra L. Silverstein (50)

Absent (1): Emma Mitts (37)

Not voting (1): Carlos Ramirez-Rosa (former member)

Impact report

Written by AI from the official document. AI can make mistakes; the official document always wins.

This ordinance would let the City's Commissioner give unused tax-exempt bond capacity (called volume cap) to the Chicago Housing Authority and the Illinois Housing Development Authority to build affordable or mixed-income housing in Chicago, without a separate City Council vote each time.

Who it affects

Low- and moderate-income residents needing housing: The City's unused bond capacity could be shifted to housing agencies to support developing affordable or mixed-income housing within Chicago.
Chicago Housing Authority: It could receive portions of the City's volume cap to issue tax-exempt bonds for housing, under intergovernmental agreements with the City.
Illinois Housing Development Authority: It could receive the City's volume cap before issuing bonds, or be reimbursed afterward for using its own volume cap if it meets certain conditions, including a Board resolution.
City officials (Commissioner, Chief Financial Officer, Finance Committee Chair): The Commissioner would decide transfer amounts, which need written approval from the Chief Financial Officer and the Finance Committee Chair, whose approval is assumed if they do not respond within ten business days.
City Council Committee on Finance: It would receive a yearly report by March 31 on all transfers of volume cap made in the previous year.

What changes

Transfers of the City's unused volume cap to the two housing agencies would no longer be handled case by case through separate legislation; the Commissioner could make them.
Each transfer would need written approval from the Chief Financial Officer and the Finance Committee Chair, with the Chair's approval assumed after ten business days of no response.
All housing developments receiving transferred volume cap must be located inside Chicago city limits.
Agreements could let the agencies use or carry forward the volume cap, or require it to be returned by the end of the calendar year.
The Commissioner must report all transfers to the Committee on Finance by March 31 each year.

Money

The Commissioner may charge an administrative fee of 1.5% of the amount of volume cap being transferred, paid by the receiving housing agency to the City; the Commissioner may waive this fee if it is in the City's best economic interests.
The City may promise to reimburse the Illinois Housing Development Authority for using its own volume cap on a housing development, in the same amount it planned to use.

Where: City of Chicago (within the corporate boundaries of the City)

When: Upon passage and approval

Timeline

Sep 18, 2024: Referred, City Council. The matter was Referred to Committee.
Sep 27, 2024: Substituted, Committee on Finance. The matter was substituted in committee.
Oct 2, 2024: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Oct 9, 2024: Passed, City Council (48 yea, 0 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.

Documents

O2024-0012429 Transmittal Letter.pdf (Miscellaneous)
SO2024-0012429.pdf (Legislation)
SO2024-0012429 Committee Letter.pdf (Committee Letter)
O2024-0012429 Original Ordinance.pdf (Miscellaneous)

Lobbying and money

Computed links; money near a vote is not evidence that it influenced the vote.

Who lobbied on it

Illinois Housing Council: ADVOCACY TO FINANCE COMMITTEE REGARDING ORDINANCE TO PROVIDE DOH COMMISSIONER AUTHORITY TO CEDE VOLUME CAP TO IHDA (1 filing, Oct 1, 2024 to Dec 31, 2024; Allison Clements; matched by semantic embedding)

More from Johnson, Brandon

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Fiscal Year 2027 Budget Recommendations (O2026-0029642, introduced Oct 21, 2026, Referred)

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