Ordinance O2023-0005982
Passed
Restructuring agreement and transfer of ownership to 1668 W Ogden Ave LLC as replacement borrower of City loans for new mortgage regarding ReVive Cressey Center, 1660-1674 W Ogden Ave
Auto-generated summary
Chicago Mayor Brandon Johnson, on November 15, 2023, proposed a loan modification agreement with ReVive Cressey Center for Housing and Healing, following a 1996 Loan Agreement of $1,492,474 at zero percent interest for affordable housing at 1660-1674 West Ogden Avenue. The original loan was transferred to a Replacement Borrower, who seeks to finance rehabilitation via a New First Mortgage with the Illinois Housing Development Authority, requiring a restructuring of the loan.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |