Office of the City Clerk - Record #: O2018-4502

• Record #: O2018-4502
• Type: Ordinance
• Status: Passed
• Intro date: 5/23/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/27/2018
• Title: Bond inducement for low income housing acquisition of 1152 N Christiana Ave, 3339 W Division St and 1146 N Christiana Ave among developer entities HPR Preservation Limited Partnership, HPR GP LLC, and Latin United Community Housing Assn.
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
7/6/2018		Office of the Mayor	Signed by Mayor
6/27/2018	79202	City Council	Passed	Pass
6/25/2018		Committee on Finance	Recommended to Pass
5/23/2018	77241	City Council	Referred

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, HPR Preservation Limited Partnership, an Illinois limited partnership (the "Developer") of which the general partner is HPR GP, LLC, an Illinois limited liability company whose sole member is Latin United Community Housing Association, an Illinois not-for-profit corporation ("LUCHA"), intends to acquire certain property located generally at 1152 North Christiana Avenue/3339 West Division Street and 1146 North Christiana Avenue in the City (the "Property"); and
WHEREAS, LUCHA has proposed a certain low-income housing development project on the Property consisting of the rehabilitation of one residential building and of approximately 65 residential dwelling units therein, along with associated parking (the rehabilitation and equipping of the real estate and the building and other improvements on the Property, including the residential dwelling units and associated areas in the building, shall be known as the "Project"); and
WHEREAS, LUCHA has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $7,000,000 (the "Bonds") for the purpose of financing a portion of the Project costs; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is intended that this ordinance shall constitute a declaration of intent to reimburse certain eligible expenditures for the Project ma...