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This record contains private information, which has been redacted from public viewing.
Record #: O2022-898   
Type: Ordinance Status: Passed
Intro date: 3/23/2022 Current Controlling Legislative Body: Committee on Budget and Government Operations
Final action: 4/27/2022
Title: Grant agreement with Community Investment Corporation to fund city pass-through grant reserve fund
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Grant
Attachments: 1. O2022-898.pdf


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

March 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 creating a preservation loan fund to assist owners of single room occupancy buildings.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly your;

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule municipality as described in Section 6(a), Article Vll ofthe 1970 Constitution ofthe State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs, including protecting the public health, safety and welfare of its citizens; and

WHEREAS, the Department of Housing ("DOH") is an executive department ofthe City established pursuant to Chapter 2-44 of the Municipal Code of Chicago (the "Municipal Code") that supervises and coordinates the formulation and execution of projects and programs to create safe, decent, and affordable housing for residents ofthe City; and

WHEREAS, one of Chicago's strengths is its diverse housing stock; and

WHEREAS, the City Council has determined that single-room occupancy buildings ("SROs"; each, an "SRO"), as defined on Exhibit A attached hereto, are essential to maintaining Chicago's diverse housing stock by providing affordable housing opportunities for extremely low-income Chicago residents, who without SROs are at risk of homelessness; and

WHEREAS, SROs are at risk of being lost due to deterioration or conversion to apartment housing and the City has a vital interest in maintaining the existing SRO housing stock; and

WHEREAS, the City Council therefore expresses a firm commitment to preserving existing SRO Buildings and their affordability characteristics; and

WHEREAS, Community Investment Corporation ("CIC"), an Illinois not-for-profit corporation, is a lender that provides financing for th...

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