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This record contains private information, which has been redacted from public viewing.
Record #: O2021-5880   
Type: Ordinance Status: Passed
Intro date: 12/15/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/26/2022
Title: Loan restructuring agreement and assignment of loan debt and City loan from North Center Senior Housing L.P. to replacement borrower The Martha HHDC LLC for project at 2324 W Irving Park Rd
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2021-5880.pdf


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

December 15. 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 transfer of a project and associated property from North Center Senior Housing, LP to the Martha HHDC, LLC.

Your favorable consideration of this ordinance will be appreciated.

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters that pertain to its local government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing for persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City, pursuant to the HOME Investment Partnerships Program ("HOME Program"), received from the United States Department of Housing and Urban Development an allocation of funds ("HOME Funds") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and

WHEREAS, pursuant to a Loan Agreement dated June 1, 2004 ("Loan Agreement"), the City made a loan of HOME Funds in the principal amount of $5,016,200, with an interest rate of three percent per annum and a term not to exceed 32 years (the "Loan"), to North Center Senior Housing L.P., an Illinois limited partnership (the "Borrower"); and

WHEREAS, the Loan was evidenced by, among other things, that certain Note dated as of June 1, 2004 made by the Borrower in favor of the City in the original principal amount of the Loan (the "Note"), and was secured by, among other things, that certain Junior Mortgage, Security Agr...

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