# Joint Committee: Finance; Housing and Real Estate meeting, April 16, 2025

- When: Wed, Apr 16, 2025, 9:30 AM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Video: https://vimeo.com/1075765503?share=copy
- Transcript: [full text](https://www.chicagopolitics.org/files/transcripts/1075765503.txt) (6,793 words, official captions)

## Meeting notes

> AI-written from the transcript. Speakers are inferred from cues in the recording, so treat names as estimates and check the video at the linked time.

The joint Committees on Finance and on Housing and Real Estate reconvened without public comment to consider the amended substitute ordinance creating a not-for-profit Residential Investment Corporation for permanently affordable, mixed-income, environmentally sustainable housing. The mayor's chief of policy described new changes, including subjecting directors to the city ethics ordinance, treating the corporation as a city contractor for Inspector General jurisdiction, gift rules, annual audits, staffing language agreed with labor partners, and a labor peace agreement requirement. Alderpersons Lopez, Lee and Reilly said they felt rushed and that concerns remained unresolved, and the Inspector General said the changes resolved her investigative jurisdiction but questions remained about how the ethics ordinance and fiduciary duties would be enforced. Alderperson Nicole T. Lee moved to hold the ordinance in committee, Alderperson Jason C. Ervin moved to pass, and on a roll call announced as 19 yes and 17 no, the ordinance was held in committee.

Topics: Green social housing, Residential Investment Corporation, Inspector General oversight, Ethics ordinance, Labor peace agreement

### Agenda items discussed

- [49:14](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=2954) Amended substitute ordinance establishing a not-for-profit Residential Investment Corporation for permanently affordable, mixed-income, environmentally sustainable housing (SO2025-0015560): held

### Alderpersons who spoke

- [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (chair): Said there would be no public comment because the recessed joint committee had already held it. ([45:26](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=2726))
- [Pat Dowell](https://www.chicagopolitics.org/ward/3) (chair): Said the motion to hold was taken under advisement and called on remaining members before the motion would be considered. ([1:13:20](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4400))
- [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (alderperson): Said none of his requested changes on management fees, construction caps, or the ability to amend the corporation later were included, and urged members to vote no. ([59:21](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=3561))
- [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (alderperson): Asked what the new ethics and staffing provisions mean and whether annual audits will be public. ([1:01:25](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=3685)); Said she did not want to vote against more housing but needed a few more weeks to review details, and moved to hold the ordinance in committee. ([1:06:36](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=3996))
- [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (alderperson): Thanked staff for incorporating feedback and working with labor, said the ordinance gives the city a tool to add affordability, and moved to pass. ([1:07:21](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4041))
- [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (alderperson): Asked whether the Inspector General was satisfied with the ethics provisions and whether the Board of Ethics had reviewed the revision. ([1:08:26](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4106)); Said he supports the idea but questioned the rush, said remaining ethics issues can be solved with a week or two more, and renewed the motion to hold. ([1:11:36](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4296))
- [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (alderperson): Asked to hear directly from the Inspector General on the revised ordinance. ([1:13:41](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4421))
- [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (alderperson): Asked the Inspector General whether similar issues have been resolved for other nonprofit-like entities. ([1:19:52](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4792))
- [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (alderperson): Thanked colleagues, the Inspector General, and labor partners, and said the city cannot wait to address the housing crisis, citing high rent burden in Edgewater. ([1:25:16](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=5116))

### Exchanges between members

- [1:08:00](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4080) Ervin acknowledged Lee's questions before moving to pass.
- [1:08:15](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4095) Reilly noted Lee's motion to hold and said he would renew it.
- [1:13:24](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4404) Dowell called on Vasquez as the last member with questions before the motion.
- [1:19:41](https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E?t=4781) Dowell recognized Martin for a point of information.

## Documents

- [Summary](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/1332dada-71db-4bab-94c8-5e2f7ba18874.pdf)
- [Notice](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/67410ae5-e015-42b0-a79c-8db3c46375ea.pdf)
- [Agenda](https://www.chicagopolitics.org/files/clerk/meetingattachmentspublic/686ae142-3ce0-4db9-95b2-5a7ebed998d2.pdf)

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Source: https://www.chicagopolitics.org/meeting/9DAEAFE0-7919-F011-9989-001DD830951E · Chicago Politics, an independent, nonpartisan tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt