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Record #: O2018-7751   
Type: Ordinance Status: Passed
Intro date: 9/20/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 10/31/2018
Title: Restructuring of existing City loans, issuance of additional multi-family loan agreement for release of deed covenant use, and associated agreements with JBL Preservation Associates Limited Partnership, POAH JBL, POAH JBL LLC-1, POAH JBL LLC-2 and Preservation of Affordable Housing, Inc. for affordable housing development at 6230 S Dorchester Ave, 6146 S Kenwood Ave and 6144 S Kenwood Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2018-7751.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 20, 2018










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 execution of a Multi-Family Loan Agreement and associated transactions for Preservation of Affordable Housing in conjunction with a proposed development at 6230 South Dorchester and 6146 South Kenwood.

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 has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing 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 such Multi-Family Program Funds are administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, the City made a Multi-Family Program Funds loan in the amount of $2,069,601 (the "Johnson Loan") to Woodlawn East Community and Neighbors, Inc., an Illinois not-for-profit corporation (the "Original Borrower"), to finance a portion of the costs of the rehabilitation of a building located at 6230 South Dorchester Avenue in Chicago, Illinois (the "Johnson Property"); and
WHEREAS, the Johnson Loan was ev...

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