Office of the City Clerk - Record #: O2022-431

• Record #: O2022-431
• Type: Ordinance
• Status: Passed
• Intro date: 1/26/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/23/2022
• Title: Authorization of financial assistance and conveyance of City-owned property to RS Affordable I LLC to rehabilitate or construct affordable housing units at various locations and development of The National Public Housing Museum at 919-925 S Ada St
• Sponsors: Lightfoot, Lori E.
• Topic: PROPERTY - Transfer

Date	Journal Page Number	Action By	Action	Result
2/23/2022	44582	City Council	Passed	Pass
2/17/2022		Committee on Finance	Recommended to Pass
1/26/2022	43151	City Council	Referred

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

January 26, 2022










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 an ordinance authorizing financial assistance and the conveyance of city-owned land to RS Affordable I LLC.

Your favorable consideration of this ordinance will be appreciated.


ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article Vll of the 1970 Constitution of the State of • Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and

WHEREAS, the City has determined 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 that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare ofthe City; and

WHEREAS, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests ofthe City to provide Multi-Family Housing Financing and certain other funding, as provided herein, to RS Affordable I LLC, an Illinois limited liability company (the "Borrower"), the managing member of which is RS 3B LLC, an Illinois limited liability company, (the "Managing Member") the sole member of which is LR ABLA LLC, an Illinois limited liability company, to enable i...