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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 a E