Ordinance O2024-0008971
Passed
Execution of loan subordination agreement with Perlmark Realty Corporation for Lincoln Village Senior Apartments at 6057 N Lincoln Ave
Auto-generated summary
Chicago's City Council combats rental housing shortages via the Department of Housing's Multi-Family Loan Program, funded by HOME. A 2005 ordinance authorized a $6,450,000 loan and $10,000,000 in Bonds for Perlmark Realty's Lincoln Village LLC. Facing financial difficulties, the borrower requested a $4,100,000 New Senior Loan, leading to a project restructuring.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |