Office of the City Clerk - Record #: SO2015-4235

• Record #: SO2015-4235
• Type: Ordinance
• Status: Passed
• Intro date: 5/20/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/17/2015
• Title: Multi-Family Program Funds loan modification and subordination agreement with Newberry Park Preservation Associates LP regarding construction of residential housing project at 1353, 1355 and 1357 S Blue Island Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
6/26/2015		City Council	Signed by Mayor
6/17/2015	777	City Council	Passed as Substitute	Pass
6/15/2015		Committee on Finance	Substituted in Committee	Pass
5/20/2015	71	City Council	Referred

CHICAGO June 17.2015

To the President and Members of the City Council:

Your Committee on Finance having had under consideration

A substitute ordinance authorizing the Commissioner of the Department of Planning and Development to enter into and execute a Loan Modification and Subordination Agreement and to enter into a New Loan Agreement for Newberry Park Preservation Associates, LP.

02015-4235

Amount of New City Loan:
















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by
of members of the committee with



Respectfully submitted

Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
SUBSTITUTE 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...