HOME INVESTMENT PARTNERSHIPS AGREEMENT HM16-01 AND RELATED MORTGAGE, PAYMENT NOTE AND REGULATORY AND LAND USE RESTRICTION AGREEMENT ASSIGNMENT AND ASSUMPTIONS BY LITTLE FRIENDS, INC.
WHEREAS, the Illinois General Assembly has granted COUNTY authority to make all contracts and do all other acts in relation to the property and concerns of the county necessary to the exercise of its corporate powers (Illinois Compiled Statutes, Chapter 55, paragraphs 5/5-1005), and to enter into agreements for the purposes of receiving funds from the United States government under the "Housing and Community Development Act of 1974", the National Affordable Housing Act of 1990, and the Housing and Community Development Act of 1992, and COUNTY may disburse those funds and other county funds for community development and other housing program activities (Illinois Complied Statutes, Chapter 55, paragraph 5/5-1093); and
WHEREAS, the COUNTY has applied for HOME Investment Partnerships Act ("HOME") funds from the United States Department of Housing and Urban Development ("HUD") as provided by the Cranston-Gonzalez National Affordable Housing Act, as amended (Title II, Pub. L. 101-625) ("ACT") and continues to be a participating jurisdiction in the HOME program; and
WHEREAS, the subject property is located at 1141 Iroquois Avenue, Naperville, IL 60563, and is also known as Katharine Manor Apartments; and
WHEREAS, ILLINOIS INDEPENDENT LIVING CENTER, an Illinois not-for-profit corporation submitted an application to the COUNTY and was selected as a DEVELOPER to receive a portion of the COUNTY'S HOME funds; and
WHEREAS, the COUNTY entered into a HOME Investment Partnerships (HOME) Program Agreement, known as HM16-01, with ILLINOIS INDEPENDENT LIVING CENTER, an Illinois not-for-profit corporation, on 09/27/2016 for acquisition and rehabilitation of two condominium units, Unit #111 and Unit #216, within the building located at 1141 Iroq...
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