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Mayor Brandon Johnson's plan to borrow $1.25 billion for affordable housing delayed

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Brandon Johnson,Affordable Housing

The City Council Finance Committee has endorsed the plan after the mayor agreed to give aldermen more oversight of the plan, but a final vote has been put off until Friday at the earliest.

CHICAGO -- Mayor Brandon Johnson 's plan to borrow $1.25 billion over the next five years to fund affordable housing and other economic development projects across the city hit a temporary roadblock on Wednesday, as the mayor's allies delayed a final City Council vote on the measure.The City Council Finance Committee had approved the measure earlier Wednesday morning, but when the full council met on Wednesday afternoon, Finance Committee Chair Ald.

Johnson administration officials have said it will cost $81 million a year in debt service to borrow $250 million a year for the project. Overall, the mayor's borrowing plan would cost the city $2.4 billion through 2061. The Johnson administration has said the project would be funded with property tax revenue that returns to the city's accounts as TIF districts expire.

Source: News Formal (newsformal.com)

Brandon Johnson Affordable Housing

 

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