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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3562   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 11/16/2022
Title: Loan restructuring agreement with Lenore Y. Bedar for rehabilitation of six units at 3023 W Jackson Blvd/311 S Whipple St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2022-3562.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
October 26. 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 resubordination ofa borrower's existing multi-family loan to a new mortgage.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

I ay or
ORDINANCE

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 low-income households; and

WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare ofthe City; and
WHEREAS, as of 1998, the City programmed Community Development Block Grant funds for its Multi-Family Loan Program (the "Multi-Program"), wherein acquisition and rehabilitation loans were made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi -Program is administered by the City's Department of Housing ("DOH"); and

WHEREAS, the City Council, pursuant to an ordinance adopted on July 29, 1998, and published at pages 74314 through 74318 of the Journal of the Proceedings ofthe City Council (the "Journal") for such date (the "Original Ordinance"), authorized DOH to make a loan of Multi-Program funds in the amount of $426,966, with a term not to exceed 22 years and an interest rate of zero percent per annum (the "Loan"), to Lenore Y. Bedar, an individual, for the rehabilitation of one building containing a total of six dwelling units, located a...

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