Office of the City Clerk - Record #: O2015-758

• Record #: O2015-758
• Type: Ordinance
• Status: Passed
• Intro date: 1/21/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/18/2015
• Title: Multi-Family Program Funds loan to Hilliard Homes l Limited Partnership for replacement of deteriorated windows in Hilliard l Buildings at 2111 and 2031 S Clark St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
3/18/2015	103055	City Council	Passed	Pass
3/16/2015		Committee on Finance	Recommended to Pass	Pass
1/21/2015	101234	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
January 21, 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 ordinances authorizing the execution of Multi-Family Loan agreements.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
O R D I N A N C E


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, as of October 1, 2002, the City issued $10,775,000 of Multi-Family Housing Revenue Bonds, Series 2002 (Hilliard Homes - Phase 1 Development), and made a loan (the "Loan") of Multi-Family Program Funds in the original principal amount of $1,425,779 to Hilliard Homes I Limited Partnership, an Illinois limited partnership (the "Borrower"), of which HHI Development Corporation, an Illinois corporation (of which Peter Holsten is the sole member) is the sole managing general partner, which Loan was secured by a Junior Mortgage, Security Agreement and ...