HomeMy WebLinkAboutRESOLUTIONS-1989-081-R-89I
A RESOLUTION
AUTHORIZING THE CITY MANAGER
TO LOAN THE EVANSTON HOUSING CORPORATION $500,000.
• 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, the Evanston Housing Corporation will provide
affordable mortgage financing to eligible Evanston residents;.
and
WHEREAS, it is necessary that the City of Evanston and
the various private corporations provide funds to the Evanston
Housing Corporation in order 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 $500,000 (five hundred thousand dollars), as its share_
of the funding, and
• WHEREAS, the various private corporations will make
1
available approximately $1,300,000. 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.
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
AT IES :
1,
N _
City Clerk
Adopted: , 1989
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