Ordinance O2023-0005046
Passed
Restructuring and ownership transfer agreement by Chicago Community Development Corporation to East Lake Darul LLC for Darul Amaan Senior Apartments project at 4814-4820 N Kedzie Ave
Auto-generated summary
Mayor Johnson's ordinance authorizes the restructuring and transfer of Darul Amaan Senior Apartments from Chicago Community Development Corporation to East Lake Darul LLC. The property, developed into a 56-unit affordable housing complex using a $6.1 million loan and housing tax credits, maintains the Material Terms of the loan agreement. The restructuring, approved by the Department of Housing and the Corporation Counsel, exempts certain parties from providing an Economic Disclosure Statement and Affidavit, as per the Municipal Code of Chicago.
