title
MODIFICATION ONE
TO THE HOME INVESTMENT PARTNERSHIPS AGREEMENT BETWEEN
THE COUNTY OF DUPAGE AND ADDISON HORIZON LIMITED PARTNERSHIP,
AN ILLINOIS LIMITED PARTNERSHIP
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 to HUD for HOME Investment Partnerships Act 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
WHEREAS, Addison Horizon Limited Partnership, an Illinois Limited Partnership, (hereinafter called "DEVELOPER"), having a principal place of business at 4200 W. Peterson Ave., Chicago, IL 60646 made an application to COUNTY for a loan of a portion of COUNTY'S HOME Investment Partnerships Act Funds ("HOME FUNDS") in the amount of $5,250,000.00 for costs associated with the creation of 62 units of affordable rental housing for seniors, of which 30 units are HOME-assisted affordable housing units; and
WHEREAS, an Agreement was approved under Resolution #HS-R-0013-24 on June 11, 2024 requiring compliance with HOME requirements, and said agre...
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