ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution ofthe 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 Community Development ("DCD"); and
WHEREAS, DCD has preliminarily reviewed and approved the making of a loan to East Lake/ Lawndale Plaza, LLC, an Illinois limited liability company (the "Borrower") of which East Lake Management & Development Corp., an Illinois corporation, is the sole member (the "Member"), in an amount not to exceed $2,500,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and
WHEREAS, pursuant to an ordinance published April 22, 2009, at pages 58285-58295 of the Journal of Proceedings of the City Council, the Commissioner of DCD (the "Commissioner") and a designee of the Commissioner (collectively, the "Authorized Officer") are authorized (i) to exchange low-income housing tax credits for grant funds (the "Exchange Funds") pursuant to Section 1602 of the American Recovery and Reinvestment of 2009 and to disburse Exchange Funds as grants and/or loans to such parties as are dete...
Click here for full text