Office of the City Clerk - Record #: O2023-1015

• Record #: O2023-1015
• Type: Ordinance
• Status: Passed
• Intro date: 2/1/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/15/2023
• Title: Redevelopment agreement with and issuance of multi-family housing revenue bonds or notes for Preservation of Affordable Housing, Inc., Levy House Preservation Associates LP, POAH Levy House GP for rehabilitation of low-income senior housing at 1221 W Sherwin Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
3/15/2023	60856	City Council	Passed	Pass
3/13/2023		Committee on Finance
2/1/2023	60172	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
February 1, 2023










TO THE HONORABLE, TIIE 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 benefit of Preservation of Affordable Housing LLC.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.
ORDINANCE

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII 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, Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation (the "Developer"), through Levy House Preservation Associates Limited Partnership, an Illinois limited partnership (the "Borrower"), of which POAH Levy House GP, LLC, an Illinois limited liability company, is anticipated to be the general partner, intends to acquire certain property located generally at 1221 West Sherwin Avenue in the City (the "Property"); and
WHEREAS, the Developer has proposed the rehabilitation of an existing low-income housing development project for seniors on the Property, consisting of one building containing approximately 57 rental units together with certain common areas and other building amenities, in order to properly preserve and enhance the existing affordable housing (the "Project"); and
WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $15,000,000 (the "B...