Ordinance O2025-0015560 - Chicago Councilmatic

Amendment of Municipal Code Chapter 2-44 by adding new Section 2-44-160 establishing not-for-profit residential investment corporation to address housing needs by financing, acquiring, owning and operating permanently affordable, mixed-income and environmentally sustainable housing

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Chicago's ordinance SO2024-0007838 combats a 119,000-unit affordable housing shortage via a Residential Investment Corporation. The Corporation, managing 'Affordable' and 'Deeply Affordable' housing, is governed by a Board of Directors and Advisory Committees, including a Resident Advisory Committee. It operates under the HED Bond Ordinance, mandates quarterly financial reporting, and has authority to negotiate loans or grants.

	Sponsor	Ward
	Johnson, BrandonPrimary Sponsor

History

Date	Legislative body	Action
Date 2025-02-26	Legislative body Chicago City Council	Action Referred
Date 2025-02-25	Legislative body Committee on Committees and Rules	Action Recommended for Re-Referral
Date 2025-02-19	Legislative body Chicago City Council	Action Referred
Date 2025-02-19	Legislative body Chicago City Council	Action Introduced

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