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File #: HS-R-0013-24    Version: 1
Type: HS Resolution Status: Adopted
File created: 5/29/2024 In control: Human Services
On agenda: 6/4/2024 Final action: 6/11/2024
Title: HOME INVESTMENT PARTNERSHIPS AGREEMENT BETWEEN THE COUNTY OF DUPAGE AND ADDISON HORIZON LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP HM22-01/HM23-01
Attachments: 1. 1-HS-Memo Alden Addison FINAL.pdf, 2. 2-Underwriting Memo Alden Addison FINAL.pdf, 3. 3-Addison Opportunity to Comment Resp 8-24-23_Redacted.pdf, 4. 4-Underwriting Memo Attachments-Combined.pdf, 5. 5-Alden Addison HOME Agreement DRAFT v2 ASA Clean 05.28.pdf

title
HOME INVESTMENT PARTNERSHIPS AGREEMENT BETWEEN THE COUNTY OF DUPAGE AND ADDISON HORIZON LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP
HM22-01/HM23-01
resolution

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, by Application for HOME Rental Production Funding originally submitted on July 16, 2021, ADDISON HORIZON LIMITED PARTNERSHIP, AN ILLINOIS LIMITED PARTNERSHIP (herein after called "DEVELOPER"), having a principal place of business at 4200 W. Peterson Avenue, Chicago, Illinois 60646, has submitted underwriting documentation and made application to the COUNTY for a loan of a portion of the COUNTY's HOME Funds to be used for eligible costs associated with the new construction of sixty-two (62) units of affordable rental housing for senior citizens located in Addison...

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