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 for 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, Encuentro Square II LP, an Illinois limited partnership (the "Borrower") of which the general partner is Encuentro Square II GP LLC, an Illinois limited liability company whose sole member is Latin United Community Housing Association, an Illinois not-for-profit corporation ("LUCHA"), intends to acquire certain property located generally at 3737 West Cortland Street in the City (the "Property"); and
WHEREAS, the Borrower and LUCHA have proposed a certain low-income housing development project on the Property consisting ofthe acquisition ofthe Property and construction of one residential building and of approximately 57 residential dwelling units therein, along with related parking and site infrastructure costs (the acquisition, construction and equipping of the real estate and the building and other improvements on the Property, including the residential dwelling units and associated areas in the building, shall be known as the "Project"); and
WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $19,500,000 (the "Bonds") for the purpose of financing a portion ofthe Project costs, including the Eligible Project Costs (as defined herein); and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is intended that this ordinance shall constitute...
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