OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 10,2014
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing a transfer of ownership in Willard Square Apartments.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City programmed certain funds (the "Multi-Program Funds") for its Multi-Family Loan Program (the "Multi-Program") under the Community Development Block Grant Program, wherein acquisition and rehabilitation loans are made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi-Program is administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, the City Council of the City (the "City Council") enacted an ordinance on July 31, 1996, published at pages 26363-26368, inclusive, of the Journal of Proceedings of the City Council (the "Journal") of that date, pursuant to which the City Council authorized DPD to make a loan to Technical Assistance Corporation for Housing, an Illinois not-for-profit corporation (the "Borrower"), in the amount of $2,492,223 (the "Loan") from Multi-Program Funds, a portion of which was to be used for the acquisition of the following residential properties: 4843 S. Sai...
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