Overall, the mayor's borrowing plan would cost the city $2.4 billion through 2061.
CHICAGO -- The Chicago City Council on Friday approved Mayor Brandon Johnson 's plan to borrow $1.25 billion over the next five years to fund affordable housing projects and other economic development efforts across the city.The 32-17 vote came only after multiple failed attempts by some aldermen to further increase the amount of City Council oversight over the plan, after had previously Johnson agreed to give them more control over specific projects.
Not just because it's our role as legislators to appropriate, but because the public then would get to see these projects before they're approved,' he said. 'These aren't our dollars, this isn't play money, this money belongs to the taxpayer.'Ald. Anthony Beale said he supports the mission of the mayor's borrowing plan, but couldn't support it without the lower threshold for City Council approval of individual projects.
Chicago City Council Brandon Johnson Affordable Housing
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