Office of the City Clerk - Record #: O2020-1627

• Record #: O2020-1627
• Type: Ordinance
• Status: Passed
• Intro date: 2/19/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/24/2020
• Title: Restructuring of home loan provided to Heartland Phoenix House LLC to finance ongoing and future rehabilitation of building at 1251 S Sawyer Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
4/24/2020	15217	City Council	Passed	Pass
3/12/2020		Committee on Finance	Recommended to Pass
2/19/2020	13940	City Council	Referred

OFFICE OF THE MAVOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

February 19, 2020










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, 1 transmit herewith an ordinance authorizing the execution of a multi-family housing loan, property conveyance and amendment to a redevelopment agreement for Heartland Phoenix House.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

ORDINANCE

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 Council of the City (the "City Council") has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare ofthe 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 City Council, pursuant to an ordinance enacted on November 15, 2006, and published at pages 92011 - 92018 of the Journal of the Proceedings of the City Council (the "Journal") of that date, authorized DOH to provide Multi-Family Program Funds in the amount of $1,300,000 (the "Original Phoenix House Loan") to finance a portion of the costs of the construction of a building called the Phoenix House Apartments, located at 1251 South Sawyer Avenue in Ch...