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WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution ofthe State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare ofthe 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, the City Council, pursuant to an ordinance enacted on November 7, 2007, and published at pages 13020-13243 of the Journal of the Proceedings of the City Council (the "Journal of Proceedings") of that date, authorized DPD to provide Multi-Program Funds in the aggregate amount of $2,000,000 (the "Loan") for the acquisition, rehabilitation, construction and equipping of a five-story building (the "Building") located at 3251 East 92nd Street, in Chicago, Illinois, which contains 112 residential dwelling units for low-income elderly individuals (the "Project"); and
WHEREAS, South Chicago SLF Associates, L.P., an Illinois limited partnership (the "Borrower"), owns the Building; and
WHEREAS, in connection with the Project, the City made the Loan to the Borrower on December 1, 2007 with an interest rate of one percent per annum, which Loan is secured by, among other things, that certain Junior Mortgage, Security Agreement and Financing Statement dated December 1, 2007 and recorded ...
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