Ordinance SO2024-0012429
Active
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
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Chicago, grappling with an affordable housing shortage, can issue tax-exempt bonds up to a volume cap under Illinois' Constitution and the Internal Revenue Code. The underutilized cap can be reallocated to entities like the Chicago Housing Authority and Illinois Housing Development Authority under the Illinois Private Activity Bond Allocation Act, reducing administrative burdens. The Municipal Code of Chicago is amended for this reallocation, with the Commissioner authorized to execute it, charge an administrative fee, enter intergovernmental agreements, and submit an annual report to the Committee on Finance.
Alternate identifiers: O2024-0012429
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
| Date | Legislative body | Action |
|---|---|---|
| Date 2024-09-27 | Legislative body Chicago City Council | Action Substituted |
| Date 2024-09-18 | Legislative body Chicago City Council | Action Referred |
| Date 2024-09-18 | Legislative body Chicago City Council | Action Introduced |