OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL mayor
February 28,2018
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing a re-subordination of a previously issued HOME loan with Urban Partnership Bank.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
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, on or about April 25, 2001, the City made a loan in the Principal amount of $3,348,189 with an interest rate of One Percent (1%) Per Annum and a term not to exceed 32 years (the "Loan") to Yale Building Limited Partnership, an Illinois limited partnership (the "Original Borrower") with Yale Building Development Corporation, an Illinois corporation ("Yale BDC"), as the sole general partner, funded from Multi-Family Program Funds; and
WHEREAS, the Loan was secured by, among other things, that certain Junior Mortgage, Secur...
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