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This record contains private information, which has been redacted from public viewing.
Record #: SO2016-668   
Type: Ordinance Status: Passed
Intro date: 2/10/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 3/16/2016
Title: Establishment of Home Buyer Assistance Program for low- and moderate-income families
Sponsors: Emanuel, Rahm, Lopez, Raymond A., O'Shea, Matthew J., Brookins, Jr., Howard, Burnett, Jr., Walter, Maldonado, Roberto
Attachments: 1. SO2016-668.pdf, 2. O2016-668.pdf
SUBSTITUTE ORDINANCE

WHEREAS, pursuant to Section 6(a) of Article VII of the Constitution of the State of Illinois, the City of Chicago, Illinois (the "City") is a municipality and a home rule unit of local government duly organized and validly existing under the Constitution and the laws of the State of Illinois (the "State"); and
WHEREAS, pursuant to the Constitution and laws of the State, and particularly Section 6 of Article VII of the Constitution of the State, the City is authorized to aid in providing an adequate supply of residential housing for low- and moderate-income persons and families within the City; and
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City on April 11, 2007 and published at pages 101806 through 102157 in the Journal of Proceedings for such date (the "Journal of Proceedings"), the City previously issued revenue bonds to provide an adequate supply of residential housing for low- and moderate-income persons and families within the City (the "Single Family Mortgage Revenue Bond Program"); and
WHEREAS, the City has now determined that it is necessary, desirable and in the public interest to provide financial and other assistance toward providing an adequate supply of residential housing for low- and moderate-income persons and families within the City (the "Program"); and
WHEREAS, the Program will involve, among other things, the origination and servicing of qualified first mortgage loans that are Federal Housing Administration ("FHA") insured, United States Department of Veterans Affairs ("VA") or United States Department of Agriculture ("USDA") guaranteed, Federal Home Loan Mortgage Corporation ("Freddie Mac") eligible, or Federal National Mortgage Association ("Fannie Mae") eligible for purchase by Freddie Mac (the "Mortgage Loans"), all under and in accordance with the Constitution and laws of the State; and
WHEREAS, pursuant to an ordinance adopted by the City Council on April 24, 2012 and pu...

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