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, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, the City, as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seq., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, the City has available unused volume cap from calendar year 2016 ("2016 Cap") and may have available certain unused volume cap from calendar year 2017 ("2017 Cap"); and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago (the "City Council") on October 14, 2015, and for the benefit of the Chicago Housing Authority (the "CHA"), an Illinois municipal corporation, the City authorized the reallocation of up to $35,000,000 unused tax-exempt multi-family housing revenue volume cap ("2015 Cap") to the CHA to issue bonds (the "Bonds") to finance a portion of the costs of acquisition, rehabilitation, and equipping of an affordable housing development located at 3916 W. Washington Boulevard in the City (the "Property"), which will consist of approximately 181 residential rental dwelling units for low-income senior families (the "Project") owned by Fannie Emmanuel Senior Housing Limit...
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