Chicago Mayor Brandon Johnson asks to add $1.25 billion to city's massive debt

Chicago Mayor Brandon Johnson suggested borrowing more than $1 billion to fund affordable housing and other economic initiatives.

Shifting away from the city’s current funding methods, the proposal allows for dozens of tax increment financing districts to expire with the goal that revenue will increase the city’s funds. TIFs currently give developers breaks in their property taxes and previously played an important role in Chicago’s economic development since their implementation more than three decades ago. In 2022, TIF districts took in $1.3 billion dollars in revenue.