Issuance of multi-family housing financing assistance to Levy House Preservation Associates LP for redevelopment of property at 1221 W Sherwin Ave

Record number: O2026-0026796
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Dept./Agency
Committee: Committee on Finance
Introduction Date: Jul 13, 2026
Final Action Date: Jul 15, 2026
Official record: Office of the City Clerk

Roll call: Passed Jul 15, 2026

49 yea, 0 nay. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. Voted at the City Council meeting of Jul 15, 2026.

Yea (49): Daniel La Spata (1), Brian Hopkins (2), Pat Dowell (3), Lamont J. Robinson (4), Desmon C. Yancy (5), William E. Hall (6), Gregory I. Mitchell (7), Michelle A. Harris (8), Anthony Beale (9), Peter Chico (10), Nicole T. Lee (11), Julia M. Ramirez (12), Marty Quinn (13), Jeylú B. Gutiérrez (14), Raymond A. Lopez (15), Stephanie D. Coleman (16), David H. Moore (17), Derrick G. Curtis (18), Matthew J. O'Shea (19), Jeanette B. Taylor (20), Ronnie L. Mosley (21), Michael D. Rodriguez (22), Silvana Tabares (23), Monique L. Scott (24), Byron Sigcho-López (25), Jessica L. Fuentes (26), Walter R. Burnett (27), Jason C. Ervin (28), Chris Taliaferro (29), Ruth Cruz (30), Felix Cardona Jr. (31), Scott Waguespack (32), Rossana Rodríguez Sánchez (33), William Conway (34), Anthony J. Quezada (35), Gilbert Villegas (36), Nicholas Sposato (38), Samantha Nugent (39), Andre Vasquez Jr. (40), Anthony V. Napolitano (41), Brendan Reilly (42), Timothy R. Knudsen (43), Bennett R. Lawson (44), James M. Gardiner (45), Angela Clay (46), Matthew J. Martin (47), Leni Manaa-Hoppenworth (48), Maria E. Hadden (49), Debra L. Silverstein (50)

Not voting (1): Emma Mitts (37)

Plain-language summary

Written by AI (claude-opus-5-5) from the ordinance text only: Levy House Ordinance.pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City of Chicago arrange housing financing for Levy House Preservation Associates LP to buy, fix up, and equip an affordable apartment building at 1221 W Sherwin Ave. The City would issue a note sold to a lender (Wintrust Bank or another approved lender), and the City's Department of Housing could also make a City loan of up to $5,500,000. The note is not a debt of the City and cannot be paid using City taxes.

Approves housing revenue financing for the acquisition, rehabilitation, and equipping of affordable multi-family housing for low-, very low-, and extremely low-income residents.
The note will be sold to Wintrust Bank, N.A. or another lender approved by an Authorized Officer, and is payable only from pledged funds, not City taxes or general credit.
Authorizes a City 2026 Loan of up to $5,500,000 from bond funds, Multi-Family Program Funds, or corporate funds.
Authorizes City fees on the note: a 1.5% issuer fee, a 0.10% legal reserve fee, and a 0.15% yearly administrative fee, plus tax credit reservation and monitoring fees.
Allows a restructuring of existing City HOME loan obligations tied to the property; the note cannot be issued until required federal public hearing and approval steps are met.

Money

Up to $5,500,000: City 2026 Loan to the borrower for the project
Lender origination costs capped at 1.5% of the note's principal amount (dollar amount not stated)
Note Issuer Fee of 1.5% of the note's par amount, paid to the City
Note Legal Reserve Fee of 0.10% of the note's par amount, paid to the City
Note Administrative Fee of 0.15% of outstanding principal, paid to the City twice a year

Who: The borrower Levy House Preservation Associates LP, the lender Wintrust Bank, and low-income, very low-income, and extremely low-income individuals and families who live in or may rent at the property are affected.

Where: 1221 W Sherwin Ave, Chicago

Timeline

Jul 13, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Jul 15, 2026: Passed, City Council (49 yea, 0 nay), at the City Council meeting. On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.