Mayor Brandon Johnson's plan to create a city-owned nonprofit developer to help confront Chicago's affordable housing crisis was approved by the City Council on Wednesday.

The council voted 30-18 to approve the mayor's so-called "green social housing plan," which would establish a nonprofit real estate development corporation under the Chicago Department of Housing.

That nonprofit, known as the Residential Investment Corp., would control a $135 million fund that would be used to provide low-cost loans to developers to build environmentally friendly buildings. Projects seeking $5 million or more in loans would require approval from the City Council.

Loan payments from developers would go back into the fund to finance future projects.

At least 30 percent of the units built in such projects would be set aside as affordable housing, while the city would maintain majority ownership stakes in the buildings. Officials said the goal of the program is to create 400 affordable units per year. For further details visit CBS News