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This record contains private information, which has been redacted from public viewing.
Record #: O2020-3591   
Type: Ordinance Status: Passed
Intro date: 7/14/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/22/2020
Title: Grant of funds to Area Wide Realty Corp. for acquisition and rehabilitation of single-family rowhouses to be sold to low- and moderate-income families (North Pullman)
Sponsors: Dept./Agency
Attachments: 1. O2020-3591.pdf
ORDINANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article Vll 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 housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable 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 ("Program Funds") to make loans and grants for the development of 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 Program Funds are administered by the City's Department of Flousing ("DOH"); and

WHEREAS, DOH has preliminarily reviewed and approved the making of a grant to Area Wide Realty Corporation, an Illinois corporation (the "Grantee"), and/or permitted affiliate, as authorized in the sole discretion ofthe Commissioner of DOH, in an amount not to exceed Nine Hundred Thousand and No/100 Dollars ($900,000) (the "Grant"), to be funded from Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. Upon the approval and availability of the Additional Financing as shown in Exhibit A hereto, the Commissioner of DOH (the "Commissioner") and a designee of the Commissioner (collectively, the 'Authorized Officer") are each hereby authorized, subject to approval by the Corporation Counsel, to enter into and execute such agreements and instruments, and perform any and all...

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