Office of the City Clerk - Record #: O2021-4191

• Record #: O2021-4191
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2021
• Title: Issuance of multi-family housing revenue tax-exempt bonds to Covent Apartments LLC, Covent NHPF Manager LLC for acquisition and rehabilitation of rental apartment complex at 2653 N Clark St providing for financing and reimbursement of eligible costs from bond revenues
• Sponsors: Lightfoot, Lori E.
• Topic: FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
10/14/2021	37111	City Council	Passed	Pass
10/13/2021		Committee on Finance	Recommended to Pass
9/14/2021	34222	City Council	Referred

OFFICE OF THE MAVOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
September 14, 2021










TO Illi: HONORABLE, T HE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the issuance of up to $12 million in tax-exempt housing revenue bonds for the benefit of Covent Apartments LLC.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

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 for 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, Covent Apartments, LLC, an Illinois limited liability company (the "Borrower"), of which Covent NHPF Manager, LLC, an Illinois limited liability company, is the managing member, will acquire certain property located generally at 2653 N. Clark Street in the City (the "Property"); and
WHEREAS, the Borrower has proposed a certain low- and moderate-income housing development project on the Property consisting of the rehabilitation of one building, currently containing approximately 64 rental units, together with certain common areas and other building amenities (the "Building"), which will be rehabilitated to reduce the total number of rental units to approximately 30, all 30 of which, together with an applicable portion of such building and common area amenities (the "Project"), are expected to be financed in whole or in part with the proceeds ofthe hereinafter mentioned Bonds; and
WHEREAS, the Borrower has requested that the City issue multi-family housing re...