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Record #: O2018-9202   
Type: Ordinance Status: Passed
Intro date: 11/14/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2018
Title: Establishment of 2019 Qualified Mortgage Certificate Program to be known as City of Chicago Single-Family Credit Certificate Program, Series 2019
Sponsors: Emanuel, Rahm
Attachments: 1. O2018-9202.pdf
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)...

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