Ordinance SO2024-0011016
Passed
Amendment of Municipal Code Section 16-14 enlarging loan loss reserve funding arrangements for qualified financial institutions as an authorized use of Neighborhood Opportunity Fund, modifying thresholds for Group I and II Award Grants Program, redefining eligible costs thresholds, and setting aggregate funding limit and risk reserve protections funds as described at 16-14-060 (f)
Auto-generated summary
Chicago's City Council revised the Municipal Code, defining 'Group I' and 'Group II' Awards for Neighborhood Opportunity Fund projects. Group I, under $260,090-99300,000, and Group II, over $250-099-00300,000, have eligible costs capped at 75% and 50% respectively. Training and administrative costs can't exceed 15% of the Fund. The ordinance is effective post-approval.
Alternate identifiers: O2024-0011016
Sponsors
History
Legislation text
Additional Documents
- O2024-0011016 Mayoral Letter.pdf
- SO2024-0011016 Committee Letter.pdf
- SO2024-0011016 Substitute Digital Tracking Cover.pdf