Ordinance O2024-0008344
Passed
Declaration of official intent to issue tax-exempt multi-family housing revenue bonds to The Ave SW LLC for low-income rental housing project at 3601 and 3613-3625 W Chicago Ave
Auto-generated summary
The Ave SW LLC, managed by POAH Ave MM LLC, plans a low-income housing development at 3601 and 3613-3625 West Chicago Avenue, with a four-story building, 52 residential units, and 4,000 square feet of commercial space. The City of Chicago, addressing a housing shortage for low and moderate-income individuals, may issue multi-family housing revenue bonds, not exceeding $25,000,000, with interest tax-free. The bonds will finance Eligible Project Costs, reimbursed with Bond Proceeds, as outlined in the ordinance.
