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Record #: O2022-667   
Type: Ordinance Status: Passed
Intro date: 2/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 3/23/2022
Title: Intergovernmental agreement with Chicago Housing Authority to reallocate portion of City's 2022 unused tax-exempt bond volume cap to facilitate financing of affordable housing at 3030 W 21st Pl and 3700 W Congress Pkwy
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2022-667.pdf


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

February 23, 2022










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 unused tax-exempt bond volume cap to the Chicago Housing Authority.

Your favorable consideration of this ordinance will be appreciated.

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 there exists within the City a serious shortage of decent, safe and sanitary rental housing available for persons of low and moderate income and 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, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, the City, as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seg., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, the City has available unused volume cap from calendar year 2022 ("2022 Cap"); and

WHEREAS, .the Chicago Housing Authority, an Illinois municipal corporation under the Housing Authorities Act, as amended (310 ILCS 10/1 et seq.) (the "CHA"), desires to issue up to $90,000,000 of tax-exempt multi-family housing revenue bonds (the "Bonds") to finance ...

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