Office of the City Clerk - Record #: O2018-5091

• Record #: O2018-5091
• Type: Ordinance
• Status: Passed
• Intro date: 6/27/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/25/2018
• Title: Amendment of ordinance which established Department of Planning and Development Preservation of Existing Affordable Rentals (PEAR) Program to maintain affordable housing in appreciating neighborhoods
• Sponsors: Emanuel, Rahm
• Topic: CITY DEPARTMENTS/AGENCIES - Planning & Development

Date	Journal Page Number	Action By	Action	Result
8/1/2018		Office of the Mayor	Signed by Mayor
7/25/2018	81771	City Council	Passed	Pass
7/23/2018		Committee on Finance	Recommended to Pass
6/27/2018	79170	City Council	Referred

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; 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, pursuant to an ordinance adopted by the City Council of the City on March 28, 2018 and published at pages 72208 - 72212, inclusive, of the Journal of Proceedings of the City Council for such date, the City's Department of Planning and Development ("DPD") established the Preservation of Existing Affordable Rentals Program (the "PEAR Program Ordinance") to maintain affordable housing in appreciating neighborhoods by providing funds to refinance private sector debt in exchange for affordability restrictions which ensure that rents remain affordable for low- and moderate-income families (the "PEAR Program"); and

WHEREAS, the PEAR Program Ordinance established certain program parameters as described in Exhibit A to the PEAR Program Ordinance; and

WHEREAS, DPD desires to revise the program parameters and amend Exhibit A to the PEAR Program Ordinance; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. The above recitals are incorporated herein and made a part hereof.

SECTION 2. Exhibit A to the PEAR Program Ordinance is hereby amended by deleting the language stricken through as follows:

EXHIBIT A Program Parameters
All defined terms which are not otherwise defined in this ordinance shall have the same meanings as provided in Section 2-45-115 of the Code.

• Affordable rental Residential Housing Projects located in appreciating neighborhoods shall be eligible as determined under the PEAR Program rules and regulations. "Residential Housing Projects" shall mean one or...