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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4753   
Type: Ordinance Status: Passed
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/17/2021
Title: Amendment of loan amount of multi-Family Program Funds to replacement borrower, Lazarus Renewal II LLC, Lawndale Christian Development Corporation for rehabilitation housing project at 1857-1867 S Pulaski Rd
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2021-4753.pdf




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

October 14. 2021











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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a multi-family loan agreement with Lazarus Renewal 11 LLC for the rehabilitation of Lazarus Apartments.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

O R D I N A N C E


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, on January 27, 2021, the City Council of the City enacted an ordinance that was published in the Journal of Council Proceedings for such date at pages 26682 to 26685, which authorized the making of a loan to Lazarus Renewal II, LLC, an Illinois limited liability company (the "Replacement Borrower") whose sole member is Lawndale Christian Development Corporation, an Illinois not-for-profit corporation (the "Sole Member"), in an amount not to exceed $4,000,000 (the "Loan"), to be funded from Multi-Fami...

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