(Bloomberg) -- The Chicago City Council finance committee on Wednesday approved a proposal to sell up to $1.25 billion in housing and economic development bonds, split evenly over five years, to spur economic growth and more affordable homes.

The committee voted 20 to 9 to approve the plan. The sale of the bonds is subject to approval by the full City Council.

Mayor Brandon Johnson, who has been in office for nearly a year, asked the city council to sign off on selling a mix of general obligation and sales-tax-backed bonds, which would include largely tax-exempt and some taxable debt. The borrowing plan seeks to reduce the city’s reliance on tax increment financing districts, which are popular tools used for economic development over the last few decades that don’t offer equitable opportunities, according to city officials.

Read more: Chicago Mayor Seeks $1.25 Billion in Housing, Development Bonds

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