Office of the City Clerk - Record #: O2015-1421

• Record #: O2015-1421
• Type: Ordinance
• Status: Failed to Pass
• Intro date: 3/18/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/20/2015
• Title: Multi-Family Program Funds loan and associated loan modification and subordination agreement with Newberry Park Preservation LP
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds
• Related files: R2015-407

Date	Journal Page Number	Action By	Action	Result
5/20/2015		City Council	Failed to Pass	Fail
5/5/2015		Committee on Finance	Held in Committee	Pass
4/13/2015		Committee on Finance	Held in Committee	Pass
3/18/2015	102820	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
March 18,2015










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 an ordinance authorizing the execution of a multi-family loan agreement and associated loan modification and subordination with Newberry Park Preservation Associates, LP.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
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ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City, pursuant to the HOME Investment Partnership Program, received from the United States Department of Housing and Urban Development ("HUD") an allocation of funds (the "HOME Funds") to make loans and grants to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing; and
WHEREAS, the City has also received certain funds from HUD to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low-and moderate-income areas ("Multi-Family Funds"); and

WHEREAS, the City Council of the City, pursuant to an ordinance adopted on September 15, 1993, and published at pages 37363 through 37366 of the Journal of the Proceedings of the City Council of the City of Chicago (the "Journal") of that date, authorized the making of a loan fro...