Chicago Mayor Brandon Johnson pushes plan to borrow $1.25 billion for housing, development and climate goals

CHICAGO — To stave off a “significant shrinkage” in the city’s available pool of money, Mayor Brandon Johnson’s administration Wednesday rolled out a new $1.25 billion borrowing plan to help fund a slate of progressive housing and economic development initiatives, funded in part by winding down reliance on special taxing districts, or TIFs.

Johnson’s plan would require City Council approval, but, if passed, would provide $250 million per year for projects helmed by the city’s housing and planning departments every year through 2028, Johnson said.

The city would pay off $2.4 billion in accumulated debt through 2061 by using property tax revenues that would become available thanks to expiring tax increment financing districts. The proposal was first pitched