Share to Facebook Share to Twitter Bookmark and Share
Record #: SO2017-3906   
Type: Ordinance Status: Passed
Intro date: 5/24/2017 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/28/2017
Title: Amendment of Municipal Code Section 2-45-115 by modifying affordable requirements pertaining to Public Safety Officers Home Buyer Assistance Program
Sponsors: Emanuel, Rahm, Brookins, Jr., Howard, Cardenas, George A., Lopez, Raymond A., Scott, Jr. Michael, Ervin, Jason C., Taliaferro, Chris
Topic: FINANCE FUNDS - Affordable Housing Opportunity Fund, MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Planning & Development
Attachments: 1. SO2017-3906.pdf, 2. O2017-3906.pdf
ORDINANCE -as Amended

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) ofthe Constitution ofthe State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the City, by prior ordinances, had established various incentive programs to provide down-payment and/or closing cost assistance to City of Chicago police officers, firefighters and paramedics, to encourage the rebuilding of designated City neighborhoods (the "Prior Programs"); and

WHEREAS, the City has determined that continued housing purchase assistance to Chicago public safety officers is necessary, essential and appropriate to encourage the rebuilding of certain City neighborhoods and to enhance other revitalization efforts already under way in those neighborhoods; and '

WHEREAS, the City, building on the successes ofthe Prior Programs, now desires to establish a new Public Safety Officers Home Buyer Assistance Program (the "Program"), by and through its Department of Planning and Development ("DPD"), that offers forgivable, no-interest loans to qualifying City police officers, firefighters and paramedics, to assist in their purchase of primary, owner-occupied residences that are located within specific police districts and census tracts within the City; now, therefore,

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

SECTION 1. The above recitals are incorporated herein and made a part hereof.

SECTION 2. The Program, as set forth in Exhibit A attached hereto and made a part hereof, is hereby authorized.

SECTION 3. Subject to the approval of the Corporation Counsel, and subject to the appropriation of funding, the Commissioner of DPD (the "Commissioner") and a designee of the Commissioner are each hereby authorized to execute and deliver loan agreements and mortgages to borrowers who qualify under the Program for the purpose of financing the purchase of prop...

Click here for full text