Ordinance O2024-0010958
Passed
Amendment of Municipal Code Chapter 2-44 providing loan restructuring authority to Commissioner of Housing
Auto-generated summary
At the Mayor's request, the Chicago City Council passed an ordinance allowing the Housing Commissioner to restructure city loans and grants, including deferment, modification, forbearance, interest forgiveness, and conversion to grants, subject to federal laws and regulations. The Commissioner can purchase other lenders' interests in developments, transfer city loans or grants, and use restructuring-generated revenue for affordable housing. The Commissioner must notify affected wards' aldermen, submit quarterly reports to the Mayor and City Council, and obtain Corporation Counsel approval. The ordinance, approved by the Committee on Housing and Real Estate, exempts certain parties from providing the Economic Disclosure Statement and Affidavit in loan or grant restructurings, sets conditions for loan to grant conversions, including a $500,000 loan amount limit, no outstanding compliance issues, and fulfillment of all regulatory obligations, and authorizes loan term modifications.
