SUBSTITUTE 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, DPD has preliminarily reviewed and approved the making of a loan to La Casa Norte, an Illinois not-for-profit corporation ("LCN") in an amount not to exceed $4,200,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof, which LCN shall utilize to help construct and develop the Project (as defined herein) which shall be owned by LCN Title Holding Corporation NFP, an Illinois not-for-profit corporation whose sole member is LCN ("Holdings"; together with LCN, collectively, the "Developer"); and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on June 27, 2001 and published at pages 62057 through 62192 in the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Redevelopment Plan") for the Humboldt Park Commercial Redevelopment Project A...
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