Ordinance O2023-0003075
Passed
Issuance of multi-family loan and low-income housing tax credits for Island Terrace Apartment project
Auto-generated summary
Mayor Brandon Johnson has proposed an ordinance to the Chicago City Council to address the city's affordable housing shortage. The ordinance authorizes loans and tax credits for the Island Terrace Apartment project at 6430 South Stony Island Avenue, funded by Multi-Family Program Funds and the $660,000,000 Chicago Recovery Plan. The DOH has approved a $13,775,000 loan to Island Terrace 4% Preservation Associates Limited Partnership, a subsidiary of Preservation of Affordable Housing, Inc., with the Sales Tax Securitization Corporation expected to issue bonds to reimburse funds used for the 4% Project and other initiatives.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Legislation text
Additional Documents
- O2023-0003075 EDS 2.pdf
- O2023-0003075 EDS.pdf
- O2023-0003075 Exhibit A - Loan and Additional Financing Terms.pdf