Council OKs $30.6 million bailout of CHA

From: Chicago Sun-Times | Date: May 7, 1987| Author: | Copyright information

The City Council rushed to the rescue of a shaky Chicago Housing Authority with a $25 million loan and a $5.6 million gift yesterday.

After fiery debate, aldermen voted 30-16 for the loan and 31-15 for the grant from the city's $101 million share of federal community development funds.

In a press conference later, Mayor Washington, who devised the bailout, denied responsibility for the CHA's "perceived mismanagement."

He also vowed to replace promptly three CHA Board members whose terms have expired - Earl L. Neal, Leon Finney Jr. and Letitia Nevill - and fill the slot of Renault ...

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