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 for 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, pursuant to the Home Investment Partnerships Program ("HOME"), received from the United States Department of Housing and Urban Development an allocation of funds to make loans and grants to expand the long-term supply of affordable housing through, among other things, the acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low and moderate-income areas; and
WHEREAS, on October 7, 1996, the City made a loan of HOME funds in the principal amount of One Million Nine Hundred Eighty-Four Thousand Three Hundred and Thirty-Three and No/100 Dollars ($1,984,333) (the "City Loan") to Lyndale Place Limited Partnership, an Illinois limited partnership (the "Original Borrower"), with an interest rate of zero percent (0%) per annum, as set forth in that certain Note dated as of October 7, 1996, given to the City by the Original Borrower; and
WHEREAS, proceeds of the City Loan were used to provide for the acquisition and rehabilitation by the Original Borrower of a project consisting of one four-story multi-family housing building containing 67 affordable dwelling units comprised of one-bedroom, two-bedroom and three-bedroom units located generally at 2209-19 North Rockwell Street and 2569-75 West Lyndale Street in Chicago; and a real estate parcel comprised of approximately 7 surface parking spaces, located generally at 2230 North Maplewood Avenue in Chicago, known generally as th...
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