Ordinance SO2024-0014175 Passed

Issuance of City loan and other financial assistance to Humboldt Park United Methodist Church, Inc. for construction, furnishing and equipping of low income housing project at 2120-2128 N Mozart St and 2847 W Shakespeare Ave

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The City of Chicago has passed a Substitute Ordinance allowing the issuance of multi-family housing revenue obligations for affordable housing projects, specifically the renovation of the Humboldt Park United Methodist Church. The project will be funded through a Funding Loan Agreement with BMO Bank, N.A., and a tax-exempt revenue note. The loan will be repaid through various means, including federal low-income housing tax credits. The ordinance also outlines the roles and responsibilities of city officials in executing and managing these financial agreements, including the Chief Financial Officer and the Authorized Officer. The agreements must adhere to specific terms and are secured by various assets. The ordinance also provides for the execution of additional financing agreements, mandates a public hearing before issuing the Note, and addresses potential conflicts with the Municipal Code. The ordinance is effective immediately upon approval.

Alternate identifiers: O2024-0014175

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Additional Documents

• O2024-0014175 Original Exhibit A.pdf
• O2024-0014175 Original Exhibit E.pdf
• SO2024-0014175 Committee Letter.pdf
• SO2024-0014175 Exhibit A - Project and Financing.pdf
• SO2024-0014175 Exhibit B - Funding Loan Agreement Full.pdf
• SO2024-0014175 Exhibit C - Borrower Loan Agreement Full.pdf
• SO2024-0014175 Exhibit D - Land Use Restriction Agreement Full.pdf
• SO2024-0014175 Exhibit E - Property Description.pdf
• SO2024-0014175 Transmittal Letter.pdf

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