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 housing available to persons of low- and moderate-income; and
WHEREAS, the Illinois Housing Development Authority ("IHDA") has advised the City that that there exists a serious shortage of decent, safe and sanitary housing available to persons of low- and moderate-income throughout the State of Illinois; and
WHEREAS, the City has determined that the continuance of a shortage of affordable single-family and multi-family housing is harmful to the health, prosperity, economic stability and general welfare ofthe City; and
WHEREAS, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended (the "Code"), the City, as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seq., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, the City has available approximately $250,686,502.57 of unused volume cap from calendar year 2019; and
WHEREAS; the City has available approximately $269,128,453.74 of unused volume cap from calendar year 2020 ("2020 Cap"); and
WHEREAS, IHDA, a body politic and corporate established pursuant to the Illinois Housing Development Act, 20 ILCS 3805/1 et seq., as amended, wishes to issue tax exempt qualified mortgage bonds, multi-family-housing revenue bonds or other tax-exempt obligations, pursuant to the Code (collectively, the "Tax-Exempt Obligations"); and
WHEREAS, the proceeds of the Tax-Exempt Obligations will be used to finance ...
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