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 Planning and Development ("DPD"); and
WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to POAH Support Corporation, an Illinois not-for-profit corporation, the sole member of which is Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation ("POAH"), or to another legal entity of which POAH is the controlling party as determined by the hereinafter defined Authorized Officer (the "Borrower"), 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, it is anticipated that an entity related to POAH (the "Owner") will acquire certain land and construct a building to be located generally at 803 East 61st Street, Chicago, Illinois (the "Property"); and
WHEREAS, it is anticipated that POAH, Borrower, or another legal entity of which POAH is the controlling party will rent the Property from the Owner and operate a por...
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