OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
February 28, 2018
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 ordinance establishing the Preservation of Existing Affordable Rental program and associated issuance of multi-family loan program funds.
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, the City's Department of Planning and Development ("DPD") has established the Preservation of Existing Affordable Rentals Program to maintain affordable housing in appreciating neighborhoods by providing funds to refinance private sector debt in exchange for affordability restrictions which ensure that rents remain affordable for low- and moderate-income families pursuant to program parameters as further described on Exhibit A hereto and hereby incorporated herein (the "PEAR Program"); and
WHEREAS, pursuant to Section 2-45-115(G)(1) of the Municipal Code of Chicago (the "Code"), certain funds derived from payments to the City pursuant to Sections 2-45-110 and 2-45-115 of the Code (the "AHOF Funds") may be "used for the construction, rehabilitation or preservation of affordable housing or may be used in connection with such other housing programs as shall be specifically approved by the City Council for such revenues"; and
WHEREAS, DPD r...
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