OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 16,2013
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a loan modification for MRR, LP regarding the Newberry Park Apartments.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
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, pursuant to the HOME Investment Partnership Program, received from the United States Department of Housing and Urban Development an allocation of funds (the "HOME Funds") to make loans and grants 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
WHEREAS, the City Council of the City (the "City"), pursuant to an ordinance enacted on September 15, 1993, and published at pages 37363 - 37366 (the "Original Ordinance") of the Journal of the Proceedings of the City Council ("Journal") of that date, authorized the City's Department of Housing, a predecessor agency of the City's Department of Housing and Economic Development ("HED"), to make a loan of HOME Funds in an amount not to exceed $6,250,860 with a term not to exceed 22 years (the "Original City Loan") to the Land Trust (as hereinafter defined) and MRR Limited Partnership, an Illinois limited par...
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