HomeMy WebLinkAboutRESOLUTIONS-1999-049-R-99•
7/20/99
49-R-99
A Resolution
Authorizing The 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 ten (1 0) 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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WHEREAS, the City of Evanston will make an interest -free thirty-year loan to the •
Evanston Housing Corporation in the amount of $639,000 (six hundred thirty-nine
thousand dollars) as its share of the funding; and
WHEREAS, the various lending institutions within the corporations will make
available approximately $2,425,000 (two million four hundred twenty-five thousand
dollars) 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 City Manager of the City of Evanston is hereby authorized
and directed to sign on behalf of the City of Evanston the required loan documents to
negotiate any additional terms as he may deem appropriate and necessary. •
SECTION 2: That this resolution shall be in full force and effect from and after
the date of its passage and approval in the manner provided by law.
ATTEST:
1 Clerk
Adopted: /u X 2- 1p , 1999
1
2
Mayor