Last Wednesday, the City Council passed Mayor Brandon Johnson’s Green Social Housing Ordinance. The ordinance intends to build mixed-income housing through a $135M revolving loan fund on the South and North neighborhoods. Green Social Housing is part of the $1.25 billion Housing and Economic Development bond, the largest public investment in affordable housing and economic development in the history of Chicago. The ordinance passed the Green Social Housing ordinance with support from community leaders in the Illinois Green New Deal Coalition and Aldermanic champions, including Alds. Burnett (27th Ward), Leni Manaa-Hoppenworth (48th Ward), Byron Sigcho-Lopez (25th Ward), and Angela Clay (46th Ward), amongst many other supporters. City support for the project includes $15.1 million in Low Income Housing Tax Credit equity, $13.1 million in Tax Increment Financing, a $6.3 million Chicago Recovery Plan loan and the sale of a City-owned lot.  Construction is expected to be complete by April 2026. Total development costs are $67M, with the City providing $16.4M in TIF, $4.250M in HOME funds, and $1.911M in 9 percent tax credits to raise equity of $17M for the benefit of the transaction.

 
Photo Credit: City of Chicago