The Sun-Times' Fran Spielman makes a solid point about the Sweet Home Chicago ordinance this morning that we didn't emphasize in our post yesterday on the issue: By mandating that 20 percent of the revenue Chicago generates in a given year from the tax increment financing (TIF) network be spent on affordable housing projects, the measure would partially "rein in Mayor Daley’s unbridled control over the TIF piggy bank." This is significant considering that a lack of transparency and oversight has turned what should be a useful development tool into a $500 million annual slush fund for the Daley administration.

Expect the mayor to put up a fight. In an interview with Chicago Public Radio's Chip Mitchell yesterday, spokesperson Molly Sullivan said the city already spends "a good amount of TIF for affordable housing." In fact, between 1995 and 2007, the city spent just four percent of TIF funds on affordable housing developments. That doesn't seem like "a good amount" to us.