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HomeMy WebLinkAboutRESOLUTIONS-1999-050-R-99n 7/20/99 50-R-99 A Resolution Authorizing The City Manager To -Loan The Evanston Housing Corporation, Multi -Family Code Loan Program $175,000 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 five (5) years the Evanston Housing Corporation, through the Multi -Family Code Loan Program, has provided affordable mortgage financing to eliminate code violations from multi -family buildings 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, • Multi -Family Code Loan Program in order to continue to provide affordable housing within the City; and WHEREAS, the City of Evanston will make an interest -free thirty-year loan to the • Evanston Housing Corporation in the amount of $175,000 (one hundred seventy-five thousand dollars) as its share of the funding; and WHEREAS, the various lending institutions participating in the Multi -Family Code Loan Program will make available approximately $175,000 (one hundred seventy-five thousand dollars) as their share of the funding; and WHEREAS, the Multi -Family Code program will be expanded from three specific target areas to include eligibility citywide; and 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 0 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. Mayor ATTEST: 1999 2 •