Ordinance SO2024-0010983
Passed
Issuance of multi-family housing revenue bonds and other financial assistance to MHL 2 Prairie Districts Apartments-Wabash LP for acquisition and rehabilitation into affordable housing of building located at 1801 S Wabash Ave
Auto-generated summary
The City of Chicago has approved a Substitute Ordinance allowing the issuance of multi-family housing revenue bonds, not exceeding $30,000,000, to address the affordable rental housing shortage. The bonds will finance the acquisition and rehabilitation of a building by MHL 2 Prairie District Apartments-Wabash LP for low- and moderate-income families. The bonds, bearing an interest not exceeding 6%, will be sold to underwriters or investors and are not considered city or state debt. The ordinance also includes provisions for loan agreements, loan forgiveness, and compliance with the Municipal Code. The ordinance is effective immediately upon approval.
Alternate identifiers: O2024-0010983
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History
Locations mentioned
Legislation text
Additional Documents
- O2024-0010983 Mayoral Letter.pdf
- O2024-0010983 Original Exhibit B - Bond Indenture.pdf
- O2024-0010983 Original Exhibit C - Loan Agreement.pdf
- O2024-0010983 Original Exhibit D - Land Use Restriction Agreement.pdf
- O2024-0010983 Original Ordinance.pdf
- O2024-0019083 Original Exhibit A - Financial Assistance.pdf
- O2024-0019083 Original Exhibit E - Project Site.pdf
- SO2024-0010983 Committee Letter.pdf
- SO2024-0010983 EDS.pdf
- SO2024-0010983 Exhibit A - Financial Assistance.pdf
- SO2024-0010983 Exhibit B - Bond Indenture.pdf
- SO2024-0010983 Exhibit C - Loan Agreement.pdf
- SO2024-0010983 Exhibit D - Land Use Restriction Agreement.pdf
- SO2024-0010983 Exhibit E - Project Site.pdf