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This record contains private information, which has been redacted from public viewing.
Record #: O2019-8065   
Type: Ordinance Status: Passed
Intro date: 10/16/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 11/13/2019
Title: Redevelopment agreement, execution of loan with Tax Increment Financing Assistance (TIF), and qualified Donative Tax Credit Program assistance with Roosevelt Road Veterans Housing, LP, ASH V LLC and A Safe Haven Foundation for acquisition of city-owned property at 2908-2920 W Roosevelt Rd and 1143 S Richmond St for construction of affordable housing for homeless and disabled veterans
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. O2019-8065.pdf
OFFICE OF THE MAYOR CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR

October 16, 2019










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a loan, redevelopment agreement and provision of affordable housing tax credits for Roosevelt Road Veterans' Housing.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,
O R D I NANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution ofthe 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, the Illinois General Assembly pursuant to 20 ILCS 3805/7.28 (as supplemented, amended and restated from time to time) (the "DTC Act") has authorized a program allowing the allocation of certain tax credits for qualified donations made in connection with affordable housing projects; and

WHEREAS, on January 16, 2002, the City Council of the City (the "City Council") enacted an ordinance, as amended by an ordinance adopted by City Council on September 4, 2003, which authorized the establishment of a...

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