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This record contains private information, which has been redacted from public viewing.
Record #: O2022-2004   
Type: Ordinance Status: Passed
Intro date: 6/22/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/20/2022
Title: Grant of affordable housing opportunity funds to Chicago Community Loan Fund (CCLF) for use in connection with Shared Ownership Housing Preservation Pilot Program
Sponsors: Lightfoot, Lori E.
Topic: FINANCE FUNDS - Grant Funds
Attachments: 1. O2022-2004.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
June 22, 2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance creating the South Shore Condo Preservation Pilot Program.

Your favorable consideration ofthis ordinance will be appreciated.

Mayor
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule municipality as described in Section 6(a), Article VII 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 of the 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 of the City; and

WHEREAS, one of the City's strengths is its diverse housing stock, including shared ownership housing consisting of condominiums, cooperatives and townhomes, where collective decision making is required to manage the common areas ("Shared Ownership Housing"); and
WHEREAS, it is challenging for homeowner's associations of Shared Ownership Housing ("HOAs") to obtain financing, due to the unsecured nature of any such financing; and
WHEREAS, the City has a vested interest in preserving Shared Ownership Housing at risk of displacement due to a lack of access to credit and issues of deferred maintenance; and
WHEREAS, Chicago Community Loan Fund ("CCLF"), an Illinois not-for-profit corporation, is a Community Development Financial Institution that provides financing for the acquisition, rehabilitation, and preservation of Shared Ownership Housing within City neighborhoods and suburban communities; and
WHEREAS, DOH...

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