Issuance of multi-family program funds and other financial assistance to 5853 N Broadway 4 LP for affordable housing project at 5853 N Broadway (4 percent owner)

Record number: SO2026-0027190
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Finance
Introduction Date: Jul 15, 2026
Final Action Date: Sep 23, 2026
Official record: Office of the City Clerk

Roll call: Passed Sep 23, 2026

50 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 Sep 23, 2026.

Yea (50): 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), Emma Mitts (37), 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)

Plain-language summary

Written by AI (claude-opus-5-5) from the ordinance text only: SO2026-0027190 [Substitute Project Ordinance (4%)].pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City help pay for 57 affordable apartments on floors 5 through 11 of a new 11-story building at 5853 N. Broadway. The City would issue up to $19.5 million in bonds, make a zero-interest loan of about $3.9 million, give up to $22 million in TIF money, and transfer the land to Bickerdike Redevelopment Corporation. The bonds are not a debt of the City, and taxpayers cannot be forced to repay them.

Of the 57 apartments in this part of the building, 5 are for tenants earning 30% or less of area median income and 52 are for tenants earning 60% or less.
A separate owner will own 33 low-income apartments on floors 2 through 4, which will be funded under a separate ordinance.
The City will give the property to Bickerdike (or another approved nonprofit) using a quitclaim deed.
TIF money would come from the Hollywood/Sheridan area and, if a separate amendment passes, from the Bryn Mawr/Broadway area.
The ordinance takes effect only after the Bryn Mawr/Broadway TIF amendment ordinance is also passed.

Money

Up to $19,500,000 in City-issued housing revenue bonds (also the JPMorgan Chase construction loan amount)
$3,855,235 City loan from Multi-Family Program Funds, 0% interest, 44-year term
Up to $22,000,000 in TIF funds (City TIF grant) for eligible project costs
$17,446,904 in Low-Income Housing Tax Credit proceeds
$4,000,000 permanent loan from Cedar Rapids Bank & Trust

Who: The developer 5853 N Broadway 4 LP (controlled through Bickerdike Redevelopment Corporation) receives the financing, and low- and moderate-income renters are expected to live in the 57 apartments.

Where: 5853 N. Broadway, Chicago, IL 60626, within the Hollywood/Sheridan Redevelopment Project Area

Timeline

Jul 15, 2026: Referred, City Council. The matter was Referred to Committee.
Sep 22, 2026: Substituted, Committee on Finance. The matter was Substituted in Committee.
Sep 22, 2026: Recommended to Pass, Committee on Finance. The matter was recommended to Pass by controlling legislative body.
Sep 23, 2026: Signed by Mayor, City Council. The matter was Signed by the Mayor.
Sep 23, 2026: Passed, City Council (50 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.