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Record #: O2019-2683   
Type: Ordinance Status: Introduced
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action:
Title: Affordable Housing Opportunity Fund expenditures for Micro-Market Recovery and Chicago Neighborhood Rebuild Programs
Sponsors: Emanuel, Rahm
Topic: FINANCE FUNDS - Affordable Housing Opportunity Fund
Attachments: 1. O2019-2683.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
1UHM EMANUEL MAYOR


April 10, 2019










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an expenditure of affordable housing opportunity funds for the micro-market recovery program and the neighborhood rebuild program.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

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, pursuant to an ordinance adopted by the City Council of the City on June 27, 2012 and published at pages 29961-29963 of the Journal of the Proceedings of the City Council of such date, the Department of Planning and Development ("DPD") of the City established the Micro-Market Recovery Program (the "MMRP Program"); and

WHEREAS, pursuant to grants made on August 1, 2017 by the City, through DPD, to the Chicago Community Loan Fund and to Neighborscapes, both of which are Illinois not for profit corporations, DPD established the Chicago Neighborhood Rebuild Program (the "Rebuild Program"); and

WHEREAS, pursuant to Section 2-44-080(G)(1) of the Municipal Code of Chicago (the "Municipal Code"), funds deposited into the Affordable Housing Opportunity Fund ("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, the MMRP Program and the Rebuild Program both facilitate the acquisition of vacant and foreclosed single-family residential properties in certain target areas within the City for rehabilitation and use as a...

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