Housing, Land and Development Repository

After years of community organizing for green social housing, the City of Chicago passed a Green Social Housing (GSH) Ordinance to create a $135 million revolving loan fund for affordable housing that upholds the City’s green building standards. The ordinance lays the groundwork for the creation of an independent nonprofit with the authority to serve as a GSH developer. This ordinance makes Chicago the first major city in the country to implement a social housing model for developing permanent affordable, mixed-income housing that is sustainable and community-led.

GSH will be funded with $135 million from the City's Housing and Economic Development Bond. A newly created nonprofit, known as The Residential Investment Corporation (RIC), will operate the GSH model independently of the Department of Housing. RIC will primarily own and operate these developments, with profits reinvested into future projects or used to increase affordability. Once established, this revolving loan fund will provide low-cost financing and equity investments for developing permanently affordable, mixed-income housing.At least 30% of units in each GSH development will be permanently affordable for households earning up to 80% of the area median income, with the remaining units at market rate.