Affordability renewal ordinance stalls amid questions about city-backed homeownership program 

A City Council committee punted approval of an ordinance designed to stretch the staying power of a city-backed homeownership initiative on Tuesday as aldermen raised questions about the underlying program. 

The ordinance (O2021-446), introduced last month by Mayor Lori Lightfoot on behalf of the Chicago Department of Housing, would restart the clock on city-imposed 30-year affordable housing covenants every time each home changes hands. It only applies to for-sale homes administered through the Chicago Community Land Trust, a city-backed nonprofit designed to forge a path to homeownership for low- and middle-income residents.