Office of the City Clerk - Record #: O2021-2889

• Record #: O2021-2889
• Type: Ordinance
• Status: Passed
• Intro date: 6/25/2021
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 7/21/2021
• Title: Loan restructuring agreement to refinance Home Funds program loan with Roosevelt Tower - 1 LLC and East Lake/Roosevelt I LLC for senior housing at 3440 W Roosevelt Rd
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
7/21/2021	33004	City Council	Passed	Pass
7/14/2021		Committee on Housing and Real Estate
6/25/2021	31490	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

June 25, 2021










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO ,


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith ordinances authorizing the execution of loan restructuring agreements with entities providing affordable housing for seniors.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois and as such may legislate as to matters that pertain to its local government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable housing for persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City, pursuant to the HOME Investment Partnerships Program ("HOME Program"), received from the United States Department of Housing and Urban Development an allocation of funds ("HOME Funds") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; , and

WHEREAS, the City Council ofthe City (the "City Council"), pursuant to an ordinance (the "Original Ordinance") enacted on November 13, 2002, and published at pages 96843— 97110 of the Journal of the Proceedings of the City Council (the "Journal") of that date, authorized the City's Department of Housing ("DOH"), among other things, to provide HOME Funds to finance a portion of the costs for the acquisition and construction of a senior citizen residential facility consisting of a building containing approximately 126 units located at 3440 West Roosevelt Road in Chicago Illinois (the "Property") in the amou...