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This record contains private information, which has been redacted from public viewing.
Record #: O2022-1708   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 6/22/2022
Title: Issuance of affordable housing revenue bonds for Greater Southwest Development Corporation for senior living housing development at 2626 W 63rd St
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2022-1708.pdf


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

May 23, 2022










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith ordinances authorizing the issuance of housing revenue bonds for the rehabilitation and development of affordable housing projects.

Your favorable consideration of these ordinances will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article Vll 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 for 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, Greater Southwest Development Corporation, an Illinois not-for-profit corporation (the "Developer"), through a to-be-formed limited partnership (the "Borrower"), of which a to-be-formed limited liability company solely owned by the Developer is anticipated to be the general partner, intends to acquire certain property located generally at 2626 West 63rd Street in the City (the "Property"); and

WHEREAS, the Developer has proposed the rehabilitation of an existing very low-income housing development project for seniors on the Property consisting of one building containing approximately 86 rental units together with certain common areas, associated parking spaces and other building amenities in order to properly preserve and enhance the existing affordable housing, as well as to increase energy efficiency (the "Project"); and
WHEREAS, the Project is expected to be financed in whole or in part with the proceeds of the hereinafter defined Bonds; and

WHEREAS, the Developer has request...

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