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This record contains private information, which has been redacted from public viewing.
Record #: O2022-2017   
Type: Ordinance Status: Passed
Intro date: 6/22/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 7/20/2022
Title: Declaration of intent to issue multi-family housing revenue bonds to Austin United Alliance Development Company LLC, Heartland Housing, Inc. for construction of mixed-income housing at 5206-5224 W Chicago Ave
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2022-2017.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

June 22, 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 issuance of tax-exempt housing revenue bonds for the acquisition and construction ofthe residential portion ofthe Austin United Alliance project.

Your favorable consideration ofthis ordinance 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, Austin United Alliance Development Company, LLC, an Illinois limited liability company (the "Borrower"), the sole member of which is Heartland Housing, Inc., an Illinois not-for-profit corporation, has proposed a new construction, 6-story, 76-unit mixed-income apartment building alongside the existing bank. The building will provide 25 one-bedrooms, 24 two-bedrooms and 4 three-bedrooms, for a total of 53 affordable units for households at or below 60% area median income, and 23 market-rate units, located at 5206-5224 West Chicago Avenue, Chicago, Illinois 60651 (the "Project"); and

WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Fifteen Million Dollars ($15,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of t...

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