The Chicago City Council approved an ordinance amending Sections 2-44-140 and 2-45-110 of the Municipal Code regarding property liens, waivers, debt, and transfer definitions. The amendment authorizes the Commissioner of Housing to waive city debt and release associated liens on residential or mixed-use buildings and vacant lots when included in a Department of Housing initiative supporting neighborhood revitalization. Conditions for waiver approval include promoting redevelopment and re-occupancy, supporting neighborhood development, and encouraging City revitalization. Furthermore, the Commissioner is authorized to transfer any debt for non-residential buildings or vacant lots if the property is in a low-moderate income area, has been vacant for at least six months, is transferred to an unrelated new owner, and will be developed for housing or improvements such as retail, social services, cultural activities, or open space. The new owner must agree to develop the property per approved plans, not resell it for at least two years, comply with section requirements, guarantee the debt, and complete the project within three years. The ordinance also includes enforcement provisions and requires quarterly reports to the Committee on Finance on waived or assigned debts and liens.