Amendment of Municipal Code Chapter 2-44 by adding new Section 2-44-170 establishing not-for-profit residential investment corporation with the City's participation in the financing structure, acquisition, ownership, and on-going operations of affordable, mixed-income, environmentally sustainable housing

Record number: SO2025-0015560
Type: Ordinance; category: Municipal Code Amendments
Status: Final
Sponsor: Johnson, Brandon
Co-sponsors (1): Leni Manaa-Hoppenworth (48th Ward)
Committee: Joint Committee: Finance; Housing and Real Estate
Introduction Date: Feb 19, 2025
Final Action Date: May 7, 2025
Official record: Office of the City Clerk

Roll call: Passed May 7, 2025

30 yea, 18 nay, 2 absent. This was a divided vote. On motion of Alderperson Sigcho-Lopez, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of May 7, 2025.

Nay (18): Brian Hopkins (2), Pat Dowell (3), Anthony Beale (9), Peter Chico (10), Marty Quinn (13), Raymond A. Lopez (15), Stephanie D. Coleman (16), Derrick G. Curtis (18), Matthew J. O'Shea (19), Monique L. Scott (24), Felix Cardona Jr. (31), Scott Waguespack (32), William Conway (34), Nicholas Sposato (38), Anthony V. Napolitano (41), Brendan Reilly (42), James M. Gardiner (45), Debra L. Silverstein (50)

Yea (30): Daniel La Spata (1), 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), David H. Moore (17), Jeanette B. Taylor (20), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Rossana Rodríguez Sánchez (33), Anthony J. Quezada (35), Emma Mitts (37), Samantha Nugent (39), Andre Vasquez Jr. (40), Timothy R. Knudsen (43), Bennett R. Lawson (44), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49)

Absent (2): Silvana Tabares (23), Gilbert Villegas (36)

Plain-language summary

Written by AI (@cf/openai/gpt-oss-120b) from the ordinance text only: SO2025-0015560 Second Substitute Enabling Ordinance.pdf. AI can make mistakes; the official document always wins.

Chicago is creating a new nonprofit corporation to develop and run mixed-income, environmentally sustainable housing that includes affordable and deeply affordable units. The city will help fund these projects, and residents will have a say in how the buildings are managed.

Establishes an independent nonprofit to finance, acquire, own, and operate mixed-income, sustainable housing developments in Chicago.
Board includes city officials, mayor-appointed experts, and a resident representative, with terms and conflict-of-interest rules.
Developments must have at least 30% affordable units (with options for deeply affordable units) and meet accessibility and veteran-preference requirements.
Residents can form Tenant Governance Committees and a Resident Advisory Committee to influence building decisions.
City may provide operating capital, loans, or grants, and can use up to $1.25 billion in bonds to support the corporation’s activities.

Money

$1,250,000,000 – maximum aggregate principal amount of general obligation bonds and/or additional sales tax obligations authorized for housing and economic development purposes.

Who: Chicago residents, especially low‑ and moderate-income households, as well as city housing agencies and the newly created nonprofit corporation are affected.

Where: City of Chicago

Timeline

Feb 19, 2025: Referred, City Council. Three committees having been called, the Committee on Housing and Real Estate, the Committee on Finance, and the Committee on Committees and Rules, the matter was Referred to the Committee on Committees and Rules (Pursuant to Council Rule 42).
Feb 25, 2025: Recommended for Re-Referral, Committee on Committees and Rules. The matter was recommended for Re-Referral by controlling legislative body.
Feb 26, 2025: Referred, City Council. The matter was Referred to Committee.
Apr 4, 2025: Substituted, Committee on Finance. The matter was substituted in committee.
Apr 16, 2025: Held in Committee, Joint Committee: Finance; Housing and Real Estate. The matter was Held in Committee.
Apr 28, 2025: Amended, Joint Committee: Finance; Housing and Real Estate. The matter was Substituted in Committee.
May 7, 2025: Passed, City Council (30 yea, 18 nay), at the City Council meeting. On motion of Alderperson Sigcho-Lopez, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.
May 7, 2025: Recommended to Pass, Joint Committee: Finance; Housing and Real Estate. The matter was recommended to Pass by controlling legislative body.
May 7, 2025: Signed by Mayor, City Council. The matter was Signed by the Mayor.