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Record #: SO2019-5555   
Type: Ordinance Status: Passed
Intro date: 7/24/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/16/2019
Title: Establishment of Chicago Community Land Trust Affordable Homeownership and Housing Pilot Program to preserve affordable housing in gentrifying neighborhoods using Affordable Housing Opportunity Funds
Sponsors: Lightfoot, Lori E.
Topic: FINANCE FUNDS - Affordable Housing Opportunity Fund, MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 44 Dept. of Housing
Attachments: 1. SO2019-5555.pdf, 2. O2019-5555.pdf
SUBSTITUTE
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City, through its Department of Housing ("DOH"), desires to establish an Affordable Homeownership and Housing Program (the "AHHP Program") on a pilot basis to help preserve at-risk affordable housing in gentrifying neighborhoods in Chicago through the recording of affordable covenants, ground leases and deed restrictions on specific single-family housing, such housing coming in to the AHHP Program by various means including direct acquisition and disposition by a designated agency for DOH, or voluntary opt-in to the AHHP Program by private owners, as more specifically set forth on Exhibit A attached hereto; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City (City Council") on January 11, 2006 and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 67997 through 68024, inclusive, the Chicago Community Land Trust ("CCLT") was created for the purpose of preserving the long-term affordability of housing units created through public subsidies; and
WHEREAS, pursuant to an ordinance adopted by the City Council on April 9, 2008 and published in the Journal for said date at pages 24789 through 24791, inclusive, DOH entered into a Grant and Services Agreement with CCLT on August 16, 2009, as amended ("Agreement"), to provide certain City financial resources to support CCLT's program activities; and
WHEREAS, DOH desires to further amend the Agreement with CCLT to authorize it to administer the AHHP...

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