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This record contains private information, which has been redacted from public viewing.
Record #: O2020-3927   
Type: Ordinance Status: Passed
Intro date: 7/22/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/9/2020
Title: Multi-Family Program Funds loan to POAH Levy House LLC for acquisition of building at 1221 W Sherwin Ave for development of low-income one bedroom housing units
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Redevelopment
Attachments: 1. O2020-3927.pdf


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

July 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 with POAH in conjunction with an acquisition of Levy House.

Your favorable consideration ofthis ordinance will be appreciated.

ORDINANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 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 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, DOH has preliminarily reviewed and approved the making of a loan to POAH Levy House, LLC, an Illinois limited liability company (the "Borrower") of which Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation, is the sole managing member, in an amount not to exceed $3,750,000 (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; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above ...

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