Office of the City Clerk - Record #: O2013-9455

• Record #: O2013-9455
• Type: Ordinance
• Status: Passed
• Intro date: 12/11/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/15/2014
• Title: Loan agreement and associated tax credits for WP Senior Preservation Associates, LP for acquisition of land and construction of low-income housing
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
1/31/2014		Office of the Mayor	Signed by Mayor
1/15/2014	72589	City Council	Passed	Pass
1/13/2014		Committee on Finance	Recommended to Pass
12/11/2013	69060	City Council	Referred

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 WP Senior Preservation Associates Limited Partnership, an Illinois limited partnership (the "Borrower"), of which the sole general partner is POAH WP Senior LLC, an Illinois limited liability company (the "General Partner"), the sole owner of which is Preservation of Affordable Housing, Inc., an Illinois not for profit corporation (the "Owner"), in an amount not to exceed $2,800,000 (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; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.

SECTION 2. Upon the approval and availability of the Additional Financing as shown in Exhibit A hereto, the Commissioner of HED (the "Commissioner"...