Ordinance O2024-0011045
Passed
Financial restructuring and sale transfer of ownership, adding City Vacant Lots transfer regarding Aidscare Campus Parcels from previous principals of Phoenix House development, Heartland Property Holding interests in Wellness Center Lots, Multipurpose Lots, Garden View Lots, Sawyer Gardens Lots, and alley rights, now to CHASSA S Kedzie Lots LLC, CHASSA Phoenix House LLC, CHASSA Garden View LLC, commonly known as 1251 S Sawyer Avenue, 1214-1232 S Kedzie Ave, 1242-1256 S Kedzie Ave
Auto-generated summary
The City of Chicago is addressing a shortage of affordable rental housing for low and moderate-income individuals by allocating Multi-Family Program Funds for the development of multi-family residential housing. The City Council has authorized various entities, including Heartland Phoenix House LLC and Heartland Property Holding Company LLC, to acquire and develop properties. The City has also provided a $1,000,000 loan to the New Phoenix House Borrower, secured by a Junior Mortgage. Several property transfers and assignments have been approved, including the sale of Phoenix House Property and Garden View Lots. The Housing Commissioner and their designee are authorized to negotiate and execute agreements related to these initiatives. The ordinance is effective upon passage and approval.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Legislation text
Additional Documents
- EDSs O2024-0011045_Redacted.pdf
- Exhibit A Parcel Descriptions O2024-0011045.pdf
- Exhibit B Affected previous ordinances O2024-0011045.pdf