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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 31,2012
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing a loan modification and subordination for St. Edmunds Manor, LP.
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 has programmed Community Development Block Grant funds (the "Multi-Program Funds") for its Multi-Family Loan Program (the "Multi-Program") wherein acquisition and rehabilitation loans are made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi-Program is administered by the City's Department of Housing and Economic Development ("DHED"); and
WHEREAS, pursuant to an ordinance adopted on March 10, 1999, published in the Journal of Proceedings of the City Council of the City for such date at pages 90121-90126, DHED made a loan on or about December 6, 2000, in the principal amount of $539,315 (the "Loan"), funded from Multi-Program Funds, to St. Edmund's Manor Limited Partnership, an Illinois limited partnership (the "Borrower") of which St. Edmund's Manor, Inc., an Illinois corporation is its general partner (the "General Partner"), for the acquisition and rehabilitation of a cert...
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