The City Council has passed an ordinance granting the Department of Housing (DOH) the authority to administratively cede up to $150M in volume cap to the Illinois Housing Development Authority (IHDA) over a period of three years. This move aims to promote the creation and preservation of affordable multi-family housing in partnership with other funding agencies. Volume cap refers to the allocation of resources based on population. In the case of the City of Chicago, volume cap is occasionally ceded to governmental agencies like IHDA and CHA to support affordable housing projects. While DOH has not be able to leverage all the volume cap provided to it due to insufficient subordinate resources, ceding a portion of the cap to IHDA enables DOH to maximize affordable housing creation in collaboration with other agencies. DOH recently ceded $100M in volume cap to the Chicago Housing Authority (CHA) for the preservation of 350 units of affordable senior housing. In doing so, DOH reduced the fees charged to the project. IHDA, as a state allocating agency, also utilizes bonds to finance multi-family projects in Chicago. In the past five years (2018 to2022), IHDA utilized its own volume cap to support over $1.55B worth of developments in the city. Recognizing the excess of unused volume cap in 2020, the city had previously ceded volume cap to IHDA to further facilitate affordable development in Chicago.