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 2018 ("2018 Cap"); and
WHEREAS, the Chicago Housing Authority (the "CHA"), an Illinois municipal corporation, desires to issue up to $35,000,000 of tax-exempt multi-family housing revenue bonds (the "Bonds") to finance a portion of the costs of rehabilitation and equipping of an affordable housing development located at 6400 N. Sheridan Road in the City (the "Property"), which consists of approximately 449 residential rental dwelling units for low-income senior families (the "Project") to be owned by Caroline Hedger Senior Housing LP, an Illinois limited partnership (the "Owner"), the general partner of which is Caroline Hedger Housing Development, LLC, an Illinois limited liability company, the sole member of which is Chicago Housing Administration, LLC, an Illinois limited liability company, the sole member of which is the Chicago Housing Aut...
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