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This record contains private information, which has been redacted from public viewing.
Record #: O2019-7774   
Type: Ordinance Status: Passed
Intro date: 9/18/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/16/2019
Title: Conditional sale of vacant City-owned property to VOA IL and execution of Multi-Family Program Funds loans, grants and TIF assistance to Hope Manor Village Housing LP, Hope Manor Village VOA Housing LLC for redevelopment of numerous parcels on S Green St and S Sangamon St in the Englewood Tax Increment Redevelopment Project Area to construct affordable housing and appurtenant surface parking
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2019-7774.pdf, 2. O2019-7774 (V1).pdf

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Housing ("DOH"); and

WHEREAS,DOH has preliminarily reviewed and approved the making of a loan to Hope Manor Village Housing Limited Partnership, an Illinois limited partnership (the "Borrower"), of which the sole general partner is Hope Manor Village VOA Housing LLC, an Illinois limited liability company (the "General Partner"), of which Volunteers of America of Illinois ("VOA IL"), an Illinois not for profit corporation, and Volunteers of America National Services, a Minnesota nonprofit corporation, are the sole members, in an amount not to exceed $3,150,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on June 27, 2001 and published at pages 61850 through 62055 in the Journal of the Proceedings ofthe City Council (the "Journal") of such date: (i) a certain redevelopment plan and project ("Redevelo...

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