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SUBSTITUTE co ORDINANCE -1
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City, through its Department of Planning and Development ("DPD"), has established the City Lots for Working Families program (the "CLWF Program") to provide financial assistance to qualified developers of newly-constructed single-family housing that is affordable to working families, and homes that are developed under the CLWF Program (each, a "CLWF Home") may be sold either at market rate or with a subsidy; and
WHEREAS, the City has determined that providing housing purchase assistance to eligible and qualified individuals is necessary, essential and appropriate to encourage the rebuilding of certain City neighborhoods and to enhance other revitalization efforts already under way in those neighborhoods; and
WHEREAS, the City, through DPD, desires to provide purchase price assistance grants through a new Building Neighborhoods and Affordable Homes Purchase Price Assistance program (the "Building Neighborhoods and Affordable Homes Program") to eligible and qualified individuals who agree to purchase CLWF Homes within specific target areas within the City; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are incorporated herein and made a part hereof.
SECTION 2. The Building Neighborhoods and Affordable Homes Program, as set forth in Exhibits A and B, attached hereto and made a part hereof, is hereby authorized.
SECTION 3. Subject to the approval of the Corporation Counsel, and subject to the appropriation of funding, the Commissioner of DPD (the "Commissioner") and a designee of the Commissioner are each hereby authorized to execute and deliver grant agreements and lien covenants to individuals...
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