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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4750   
Type: Ordinance Status: Introduced
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Redevelopment agreement and multi-family program funding loans with Chicago Lighthouse Residences 9 LLC and Chicago Lighthouse Residences 9 Manager LLC for acquisition and construction of mixed use and affordable housing at 1134 S Wood St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2021-4750.pdf


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

October 14. 2021










TO THE HONORABLE, THE CI TY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing financial assistance to Chicago Lighthouse Residences 9, LLC for a new affordable housing development.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

Mayor
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 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 of the 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 The Chicago Lighthouse Residences 9, LLC, an Illinois limited liability company (the "Borrower") of which The Chicago Lighthouse Residences 9 Manager, LLC, an Illinois limited liability company (the "Managing Member") is the managing member, in an amount not to exceed One Million Eighteen Thousand and No/100 Dollars ($1,018,000) (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attach...

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