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This record contains private information, which has been redacted from public viewing.
Record #: O2020-2363   
Type: Ordinance Status: Passed
Intro date: 4/22/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/20/2020
Title: Provision of Multi-Family Program Funds loan to South Chicago Salud Center Preservation Associates Limited Partnership for acquisition and rehabilitation of building at 3039 E 91st St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2020-2363.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

April 22, 2020










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a multi-family loan agreement for South Chicago YMCA Senior Housing.

Your favorable consideration of this 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 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 South Chicago Salud Center Preservation Associates Limited Partnership, an Illinois limited partnership, the sole general partner of which is POAH South Chicago Y Hold, LLC, an Illinois limited liability company (the "General Partner"), the sole member of which is currently Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation ("POAH") and at closing it is anticipated that POAH will be the managing member and Claretian Associates, Inc., an Illinois not-for-...

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