Tim Jeffiries Tapped to Lead Chicago Housing Fund

Chicago is handing the keys to its new $135 million housing investment vehicle to a longtime City Hall insider.

Tim Jeffries, a managing deputy commissioner at the Department of Planning and Development, is set to become the first CEO of the Chicago Residential Investment Fund, according to sources familiar with the decision. Crain’s reported that the appointment is expected to be formalized at the fund’s Tuesday board meeting.

Jeffries’ move places a seasoned dealmaker at the center of Mayor Brandon Johnson’s effort to expand the city’s role in housing development. Backed by a nearly $1.3 billion bond package that Jeffries helped shape, the fund is designed to act as a lender to private developers — with the long-term goal of the city taking ownership stakes in projects, according to the outlet.

The structure marks a notable shift for Chicago, which has traditionally relied on subsidies like tax increment financing rather than direct investment. The 11-member board overseeing the fund, made up largely of current and former city officials, was among the final hurdles before the program won City Council approval last year.

Jeffries brings deep experience navigating those public-private deals, according to the publication. He has spent more than a decade at DPD, including years leading the economic development team responsible for negotiating TIF agreements and shepherding them through City Council.

City officials contend that the fund could ultimately help deliver thousands of housing units by providing low-interest loans at a time when traditional financing sources are under pressure, the outlet reported. Early efforts are expected to focus on neighborhoods like the West Loop, where market-rate development can help subsidize affordable housing components.

The program’s scope has also expanded beyond ground-up construction to include property acquisitions, giving the city more flexibility in how it builds a portfolio.

Jeffries’ transition required a sign-off from the Chicago Board of Ethics, which granted him a waiver from post-employment restrictions, according to the publication. The board noted the fund’s mission is closely aligned with city interests and that Jeffries would not receive financial benefit beyond his salary. While technically a nonprofit, it is structured to operate in close coordination with City Hall.

— Eric Weilbacher