Office of the City Clerk - Record #: SO2020-4596

• Record #: SO2020-4596
• Type: Ordinance
• Status: Passed
• Intro date: 9/9/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/7/2020
• Title: Restructuring agreement incorporating assumption of debt, multi-family new loan and bond issuance, regulatory affordability restrictions, and tax increment financing assistance (TIF) with entities HPR Preservation LP, HPR GP LLC, Center for Changing Lives, and LUCHA (Latin United Community Housing Assn.) for properties at 1152-58 N Christiana Ave, 3339-3341 W Division St and 1146 N Christiana Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
10/7/2020	21091	City Council	Passed as Substitute	Pass
10/5/2020		Committee on Finance	Recommended to Pass
9/9/2020	19953	City Council	Referred

SUBSTITUTE ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; 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 (the "Multi-Family Program Funds"), including funds available from the HOME Investment Partnerships Program ("HOME") provided by the U.S. Department of Housing and Urban Development, 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, as a home rule unit of government and pursuant to the Constitution, the City is empowered to issue multi-family housing revenue bonds forthe purpose of financing the cost of acquiring, rehabilitating and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, the City has determined that there exists within the City a serious shortage of decent, safe and sanitary rental housing available for persons of low- and moderate-income; and
WHEREAS, on September 19, 1994, the City made a loan of HOME funds in the principal amount of $1,752,410, with an interest rate of zero percent per annum (the "Prior Loan"), to Humboldt Park Residence Limited Partnership, an Illinois limited partnership (the "Prior Borrower"), the general partner of which was Tainos Development Corporat...