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Record #: O2019-2683   
Type: Ordinance Status: Passed
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/12/2019
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 (V1).pdf, 2. O2019-2683.pdf
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 affordable housing by low-income households; and
WHEREAS, the City desires to authorize the use of AHOF Funds for the MMRP Program and the Rebuild Program; 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. AHOF Funds, as they may be appropriated from time to time, are hereby authorized for use in connection with the MMRP Program and the Rebuild Program.

SECTION 3. To the extent th...

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