HomeMy WebLinkAboutRESOLUTIONS-2004-038-R-047/20/04
38-R-04
A RESOLUTION
Authorizing the Interim City Manager
to Loan the Evanston Housing Corporation $639,000
WHEREAS, the City of Evanston Comprehensive General Plan
provides as a housing goal, the development, within the means of the
community, of an adequate supply of affordable housing; and
WHEREAS, the City has a history of providing funding for low -
and/or moderate -income households; and
WHEREAS, to accomplish the goal of sustaining the diversity of the
• housing supply as to types and costs of'dwellings, the City and various private
corporations have come together to establish a not -for -profit housing mortgage
corporation, known as the Evanston Housing Corporation; and
WHEREAS, for the past fifteen (15) years the Evanston Housing
Corporation has provided affordable mortgage financing to eligible Evanston
residents or individuals working in Evanston; and
WHEREAS, it is necessary that the City of Evanston and the
various private corporations provide a recommitment of funds to the Evanston
Housing Corporation in order to continue to provide affordable housing within the
City; and
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37-R-04
WHEREAS, the City of Evanston will make an interest -free thirty-
year loan to the Evanston Housing Corporation in the amount of six hundred
thirty-nine thousand dollars ($639,000) as its share of the funding; and
WHEREAS, the various lending institutions within the corporations
will make available approximately two million four hundred twenty-five thousand
dollars ($2,425,000) as their share of the funding,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the Interim City Manager is hereby authorized
and directed to sign on behalf of the City of Evanston the required loan
documents to negotiate any additional terms as she may deem appropriate and
necessary.
SECTION 2: That this Resolution shall be in full force and effect
from and after its passage and approval in the manner provided by aw.
L �rraine H. Morton, Mayor
Attest:
Mary r ' ity Clerk
Adopted: \ 2_6 , 2004
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