OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHAHD M. DALEY mayor
February 9, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
Al the request of the Commissioner of Housing and Economic Development. 1 transmit herewith an ordinance authorizing the execution of a redevelopment agreement and an issuance of mortgage revenue bonds for Community Housing Partners XV.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, by this Ordinance, the City Council has determined that it is necessary and in the best interests of the City to provide financing to Community Housing Partners XV L.P. (the "Borrower"), an Illinois limited partnership (the general partners of which are Chicago Community Development Corporation, an Illinois corporation ("CCDC"), and Hazel Winthrop NFP, an Illinois not-for-profit corporation (collectively, the "General Partner"), to pay a portion of the costs of acquiring and rehabilitating the Hazel Winthrop Apartments (the "Development"), a low-income multi-family housing development consisting of 30 residential units in four buildings located at 4509 North Hazel/852 West Sunnyside Avenue, 4426 North Magnolia Avenue, 912-914 West Montrose Avenue and 4813 North Winthrop Avenue, all in Chicago, Illinois by (i) issuing a series of tax-exempt revenue bonds, and using the,proceeds of the sale thereof to purchase fully modified mortgage backed securities, the payment of principal and interest on which corresponds to payments on a mortgage loan insured by the Federal Housing Administration (the "FHA") backing those securities to be made to the Borrower, and is guaranteed as to timely payment by the Gover...
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