Office of the City Clerk - Record #: O2013-121

• Record #: O2013-121
• Type: Ordinance
• Status: Passed
• Intro date: 1/17/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/13/2013
• Title: Redevelopment and loan agreement with Hope Manor II Apartments for development of multi-family residential housing at 6000-6018 S Halsted St, 6000-6036 S Green St, 6001-6025 S Green St and 801-845 W 60th St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
2/22/2013		Office of the Mayor	Signed by Mayor
2/13/2013	46255	City Council	Passed	Pass
2/11/2013		Committee on Finance	Recommended to Pass	Pass
1/17/2013	44817	City Council	Referred

OFFICE OF
THE MAYOR
CHICAGO
CITY OF
RAHM EMANUEL
MAYOR

January 17, 2013








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 the execution of a redevelopment agreement and loan agreement for Hope Manor II Apartments. |

Your favorable consideration of this ordinance will be appreciated.

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 certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered! by the City's Department of Housing and Economic Development ("HED"); and

WHEREAS, HED has preliminarily reviewed and approved the making of a loan to Hope Manor II Veterans Housing, LP., an Illinois limited partnership (the "Borrower"), of which the sole general partner is Hope Manor II VOA Veterans Housing LLC, an Illinois limited liability company (the "General Partner"), of which Volunteers of America of Illinois ("VOA IL"), an Illinois not for profit corporation, and Volunteers of America National Services, a Minnesota nonprofit corporation, are the sole members, in an amount...