Department of Finance
CTTY OF CHICAGO
COUNCIL DIVISION
December 17, 2020
Andrea M. Valencia
City Clerk
121 N. LaSalle St., Room 107 . Chicago, IL 60602
Re: Ordinance Authorizing City of Chicago Transfer of Unused Volume Cap Transfer to Illinois Housing Development Authority
Dear Ms. Valencia:
Attached is the Ordinance Authorizing Intergovernmental Agreement with Illinois Housing Development Authority to Reallocate A Portion of City of Chicago's Unused Tax-Exempt Bond Volume Cap for 2020 to Facilitate Financing of Affordable Housing or Qualifying Mortgage Loans by IHDA (the "Ordinance"), which is required to be tiled with your office pursuant to Section 3 of the Ordinance as approved by the City Council of the City of Chicago on December 16, 2020. Please direct this filing to the City Council.
Very truly yours,
J^njiie Hu&ng Bennett Chief Financial Officer
12 1 NORTH LASALLE STREET, SUITE 700, CHICAGO, ILLINOIS 60602
The following is said ordinance as passed:
ORDINANCT
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 volu...
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