Overview

• The Green Social Housing ordinance passed in a 30-18 City Council vote, marking a significant win for Mayor Brandon Johnson's progressive housing agenda.
• A $135 million revolving loan fund, seeded by last year’s borrowing plan, will provide low-cost construction loans to developers in exchange for designating at least 30% of units as affordable.
• The ordinance includes ethics and governance provisions, requiring oversight by the Board of Ethics and the Office of Inspector General to ensure transparency and accountability.
• The program aims to construct approximately 400 units annually, including 120 affordable units, addressing Chicago's affordable housing shortage exacerbated by federal subsidy cuts under the Trump administration.
• Some aldermen raised concerns about the program's ability to reach low-income Black neighborhoods, questioning its equity and overall impact on marginalized communities.