Office of the City Clerk - Record #: O2018-5090

• Record #: O2018-5090
• Type: Ordinance
• Status: Passed
• Intro date: 6/27/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/25/2018
• Title: Authorization for grant funding and Department of Planning and Development rule-making authority for Opportunity Investment Fund Program, creating loans for affordable rental housing in appreciating neighborhoods
• Sponsors: Emanuel, Rahm
• Topic: CITY DEPARTMENTS/AGENCIES - Planning & Development, - FINANCE FUNDS - Affordable Housing Opportunity Fund

Date	Journal Page Number	Action By	Action	Result
8/1/2018		Office of the Mayor	Signed by Mayor
7/25/2018	81606	City Council	Passed	Pass
7/23/2018		Committee on Finance	Recommended to Pass
6/27/2018	79168	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 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 2-45-115(G)(1) of the Municipal Code of Chicago (the "Code"), certain funds derived from payments to the City pursuant to Sections 2-45-110 and 2-45-115 of the Code (the "AHOF Funds") may be "used for the construction, rehabilitation or preservation of affordable housing or may be used in connection with such other housing programs as shall be specifically approved by the City Council for such revenues"; and
WHEREAS, to achieve the goals of creating and preserving affordable rental housing in appreciating neighborhoods, and encouraging developers to work with the Chicago Housing Authority, the City's Department of Planning and Development ("DPD") has established the Opportunity Investment Fund Program, pursuant to which the City will grant AHOF Funds to CIC Government Investor, LLC, an Illinois limited liability company (the "Government Investor"), whose sole member is Community Investment Corporation, an Illinois not-for-profit corporation ("CIC"), and the Government Investor will manage grants from the City to the CIC Opportunity Investment Fund (the "Fund"); and

WHEREAS, the Fund will make low-cost mezzanine loans to multifamily rental property owners after such owners have maximized private mortgage debt in exchange for affordability restrictions which ensure that rents remain affordable for low- and moderate-income families pursuant to program parameters as further described on Exhibit A h...