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 New West Englewood Homes LLC, an Illinois limited liability company (the "Borrower") of which The Interfaith Housing Development Corporation of Chicago, an Illinois not-for-profit corporation is the managing member, in an amount not to exceed $3,754,940 (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;
WHEREAS, the City is the owner of four (4) parcels of vacant land ("City Parcels") located at 2101-2111 West 63rd Street, Chicago, as legally described on Exhibit B attached hereto and made a part hereof; and
WHEREAS, pursuant to Resolution No. 17-CDC-9, adopted by the Community Development Commission of the City of Chicago (the "Commission") on February 14, 2017, the Commission has recommended that the DPD be authorized to negotiate, execute and deliver on behalf of the City a redevelopme...
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