Office of the City Clerk - Record #: O2015-7310

• Record #: O2015-7310
• Type: Ordinance
• Status: Passed
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2015
• Title: Reallocation of portion of unused 2015 or 2016 City bond volume cap for Chicago Housing Authority assist in financing affordable housing development at 3916 W Washington Blvd
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
10/14/2015	8258	City Council	Passed	Pass
10/13/2015		Committee on Finance	Recommended to Pass	Pass
9/24/2015	4688	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

September 24, 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 ceding of volume cap to the Chicago Housing Authority in conjunction with a senior housing project.

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, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, the City, as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and

WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seg., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and

WHEREAS, the City has available unused volume cap from calendar year 2015 ("2015 Cap") and may have available certain unused volume cap from calendar year 2016 ("2016 Cap");and
WHEREAS, the Chicago Housing Authority (the "CHA"), an Illinois municipal corporation, desires to issue up to $35,000,000 of tax-exempt multi-family housing revenue bonds (the "Bonds") to finance a portion of the costs of acquisition, rehabilitation, and equipping of an aff...