SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and may exercise any power related to its local government and affairs; and
WHEREAS, in the City there are numerous homes and residential buildings that are vacant; and
WHEREAS, it is in the best interest of the City to promote and assist City residents in the purchase of owner-occupied housing by establishing programs whereby the City assists income-eligible homebuyers in the purchase and rehabilitation of their new housing; and
WHEREAS, it is in the best interest of the City to promote and assist in the development of affordable rental housing by establishing programs whereby the City assists in the purchase and rehabilitation of vacant buildings to be developed as affordable rental housing; and
WHEREAS, the establishment of a "Vacant Building TIF Purchase and Rehabilitation Program" will assist in the stabilization of neighborhoods and the city's housing market by providing assistance for the purchase and rehabilitation of vacant housing; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. All of the above recitals are expressly adopted herein as the legislative findings of the City Council and incorporated herein and made a part of this Ordinance.
SECTION 2. This Ordinance shall be known and may be cited as the "Vacant Building TIF Purchase and Rehabilitation Program Ordinance of 2011."
(a) The commissioner is authorized to develop a Vacant Building TIF Purchase and Rehabilitation Program, consistent with the provisions of this Ordinance, to promote the purchase of and rehabilitation of eligible properties and eligible multi-family residential buildings, as those terms are herein defined.
(b) (1) For purposes of this section (b), the following definitions apply:
"Base purchase price" means the purchase price of an eligible property, excluding any taxes, ins...
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