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TO: Mayor Richard C. Irvin
FROM: Chris Ragona, Community Development Manager, Community Development Division
DATE: August 8, 2023
SUBJECT:
A Resolution Authorizing Modification #1 to Development Agreement HOME-2021-02 that Allows for the Continued Development of the Todd School (100 Oak Avenue) and the Lincoln School (631 South Lake Street) by Setting Forth Amended Terms Regarding The Redevelopment as Affordable Housing.
PURPOSE:
The purpose of this proposed modification is to clarify the language in the development's executed agreement to further comply with the regulations set forth in the current federal HOME Investment Partnerships Program (HOME) Rule, 24 CFR Part 92 funded through the Department of Housing and Urban Development (HUD). Over the past few months, City staff, in consultation with the developer and its HUD partners from the Chicago HUD Field Office and HUD Headquarters in Washington DC received guidance on a modification that will not negatively impact the development of both sites or disrupt the project's construction timeframe.
BACKGROUND:
Development Agreement HOME-2021-02 was approved by City Council on January 5, 2022, R22-017 and R22-018 to construct a mix of studio, one, two- and three-bedroom units, totaling forty-seven (47) units in three buildings, and approximately 5,000 square feet for the construction of a public health facility which will provide community benefits in the form of free and subsidized care, and community based initiatives for the exclusive use of residents of the District with school-age children. HOME funding provided by the City was included as gap financing as a source for related construction and soft costs associated with the affordable housing component of the development.
In April 2023, during the construction phase of the development, City staff requested technical assistance from HUD to set up the required long-term compliance and reporting tables to track accomplishments, data on clients s...
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