OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 14, 2018
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing a continuation of the Mortgage Credit Certification Program.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
CHICAGO December 12, 2018
To the President and Members of the City Council:
Your Committee on Finance having had under consideration an ordinance authorizing the establishment of the City of Chicago Single-Family Mortgage Credit Certificate Program, Series 2019.
02018-9202
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith.
This recommendation was concurred in by (a^iva voce voteo
of members of the committee with dissenting vote(s)7
Chairman
Respectfully submitted
Document No.
REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
ORDINANCE
WHEREAS, there exists within the borders of the City of Chicago (the "City") a recognized need for decent, safe, sanitary and well structured and maintained housing which persons of moderate income can afford; and
WHEREAS, the United States government has authorized the several states and their political subdivisions to issue mortgage credit certificates (the "Certificates") pursuant to Section 25 ofthe Internal Revenue Code of 1986, as amended (the "Code"), which entitle qualifying individuals to a credit against their individual federal income tax, in lieu of qualified mortgage bonds as defined in Section 143(a) ofthe Code ("Qualified Mortgage Bonds"); and
WHEREAS, the City is a home rule unit under the provisions of Section 6 of Article VII of the 1970 Constitution ofthe State of Illinois, and constitutes a constitutional home rule city within the meaning of Section 146(d)...
Click here for full text