Office of the City Clerk - Record #: O2011-6383

• Record #: O2011-6383
• Type: Ordinance
• Status: Passed
• Intro date: 7/28/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/8/2011
• Title: Loan agreement and associated tax credits for and conveyance of City-owned property to All Saints Senior Housing
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
9/16/2011		Office of the Mayor	Signed by Mayor
9/8/2011	5820	City Council	Passed	Pass
9/7/2011		Committee on Finance	Recommended to Pass	Pass
7/28/2011	3755	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
July 28, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request, of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a loan agreement and associated tax credits and conveyance for All Saints Senior Housing.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,

Mayor|10
10|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 to 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, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Housing and Economic Development ("HED"); and
WHEREAS, HED has preliminarily reviewed and approved the making of a loan to All Saints Senior Housing, NFP, an Illinois not-for-profit corporation (the "Borrower"), in an amount not to exceed $900,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and
WHEREAS, on January 16,2002, the City Council of the City (the "City Council") enacted an ordinance published in the Journal of City Council P...