# 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) [Votes](https://www.chicagopolitics.org/legislation) › [Finance](https://www.chicagopolitics.org/committee/finance) - Record number: **SO2026-0027190** - Type: Ordinance; category: Agreements - Status: Final - Sponsor: Johnson, Brandon - Committee: [Committee on Finance](https://www.chicagopolitics.org/committee/finance) - Introduction Date: Jul 15, 2026 - Final Action Date: Sep 23, 2026 - Official record: [Office of the City Clerk](https://chicityclerkelms.chicago.gov/Matter/?matterId=BF93E71D-6E80-F111-AB0E-001DD80F46AC) ## 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](https://www.chicagopolitics.org/meeting/5F86622E-F485-F111-AB0E-001DD80ED7AA). **Yea (50)**: [Daniel La Spata](https://www.chicagopolitics.org/ward/1) (1), [Brian Hopkins](https://www.chicagopolitics.org/ward/2) (2), [Pat Dowell](https://www.chicagopolitics.org/ward/3) (3), [Lamont J. Robinson](https://www.chicagopolitics.org/ward/4) (4), [Desmon C. Yancy](https://www.chicagopolitics.org/ward/5) (5), [William E. Hall](https://www.chicagopolitics.org/ward/6) (6), [Gregory I. Mitchell](https://www.chicagopolitics.org/ward/7) (7), [Michelle A. Harris](https://www.chicagopolitics.org/ward/8) (8), [Anthony Beale](https://www.chicagopolitics.org/ward/9) (9), [Peter Chico](https://www.chicagopolitics.org/ward/10) (10), [Nicole T. Lee](https://www.chicagopolitics.org/ward/11) (11), [Julia M. Ramirez](https://www.chicagopolitics.org/ward/12) (12), [Marty Quinn](https://www.chicagopolitics.org/ward/13) (13), [Jeylú B. Gutiérrez](https://www.chicagopolitics.org/ward/14) (14), [Raymond A. Lopez](https://www.chicagopolitics.org/ward/15) (15), [Stephanie D. Coleman](https://www.chicagopolitics.org/ward/16) (16), [David H. Moore](https://www.chicagopolitics.org/ward/17) (17), [Derrick G. Curtis](https://www.chicagopolitics.org/ward/18) (18), [Matthew J. O'Shea](https://www.chicagopolitics.org/ward/19) (19), [Jeanette B. Taylor](https://www.chicagopolitics.org/ward/20) (20), [Ronnie L. Mosley](https://www.chicagopolitics.org/ward/21) (21), [Michael D. Rodriguez](https://www.chicagopolitics.org/ward/22) (22), [Silvana Tabares](https://www.chicagopolitics.org/ward/23) (23), [Monique L. Scott](https://www.chicagopolitics.org/ward/24) (24), [Byron Sigcho-López](https://www.chicagopolitics.org/ward/25) (25), [Jessica L. Fuentes](https://www.chicagopolitics.org/ward/26) (26), [Walter R. Burnett](https://www.chicagopolitics.org/ward/27) (27), [Jason C. Ervin](https://www.chicagopolitics.org/ward/28) (28), [Chris Taliaferro](https://www.chicagopolitics.org/ward/29) (29), [Ruth Cruz](https://www.chicagopolitics.org/ward/30) (30), [Felix Cardona Jr.](https://www.chicagopolitics.org/ward/31) (31), [Scott Waguespack](https://www.chicagopolitics.org/ward/32) (32), [Rossana Rodríguez Sánchez](https://www.chicagopolitics.org/ward/33) (33), [William Conway](https://www.chicagopolitics.org/ward/34) (34), [Anthony J. Quezada](https://www.chicagopolitics.org/ward/35) (35), [Gilbert Villegas](https://www.chicagopolitics.org/ward/36) (36), [Emma Mitts](https://www.chicagopolitics.org/ward/37) (37), [Nicholas Sposato](https://www.chicagopolitics.org/ward/38) (38), [Samantha Nugent](https://www.chicagopolitics.org/ward/39) (39), [Andre Vasquez Jr.](https://www.chicagopolitics.org/ward/40) (40), [Anthony V. Napolitano](https://www.chicagopolitics.org/ward/41) (41), [Brendan Reilly](https://www.chicagopolitics.org/ward/42) (42), [Timothy R. Knudsen](https://www.chicagopolitics.org/ward/43) (43), [Bennett R. Lawson](https://www.chicagopolitics.org/ward/44) (44), [James M. Gardiner](https://www.chicagopolitics.org/ward/45) (45), [Angela Clay](https://www.chicagopolitics.org/ward/46) (46), [Matthew J. Martin](https://www.chicagopolitics.org/ward/47) (47), [Leni Manaa-Hoppenworth](https://www.chicagopolitics.org/ward/48) (48), [Maria E. Hadden](https://www.chicagopolitics.org/ward/49) (49), [Debra L. Silverstein](https://www.chicagopolitics.org/ward/50) (50) ## Plain-language summary > Written by AI (claude-opus-5-5) from the ordinance text only: [SO2026-0027190 \[Substitute Project Ordinance (4%)\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d53bd5aa-0755-4f6b-9aa9-b95647455aeb.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](https://www.chicagopolitics.org/meeting/5F86622E-F485-F111-AB0E-001DD80ED7AA). On motion of Alderperson Dowell, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed. ## Documents - [O2026-0027190 Ex A - Financing Terms.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/6ad6f2f1-e736-425a-844e-8f69199a5373.pdf) (Exhibits) - [O2026-0027190 Ex F - Project Site.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/cd87cfa7-9052-467d-8ebf-9347b623731d.pdf) (Exhibits) - [O2026-0027190 Mayoral Letter.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/8f3fb333-43b1-4322-a65b-5f0ca43ef9e1.pdf) (Miscellaneous) - [O2026-0027190 Ex D - Tax Regulatory Agreement w subex A-1, A-2, A-3, B and C.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/ddd92958-ebba-4129-ae4a-d51ff9f52edb.pdf) (Exhibits) - [O2026-0027190\_Ex C - Loan Agreement w subex A, B-1, B-2 (Sch A) and C.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/b43f0946-e471-4b1e-bea4-c923107f1584.pdf) (Exhibits) - [O2026-0027190 Ex E - Redevelopment Agreement.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/b451a6bd-33d3-4a1d-8579-629538c79cb6.pdf) (Exhibits) - [SO2026-0027190 Exh B \[Trust Indenture\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/73e280dd-b630-42c0-afd6-6a7d09aef103.pdf) (Exhibits) - [SO2026-0027190 EDS \[Bickerdike Redevelopment Corp 4%\]\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/26f539c6-fb26-4704-ae8b-3c8746403945.pdf) (EDS) - [SO2026-0027190 SIGNED.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/72f40017-aafa-45b7-b2f8-1aae22ff5e65.pdf) (Legislation) - [SO2026-0027190 Substitute Exh E \[TIF Redevelop Agree (4%)\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/12866a39-60a4-46c4-a1cb-7ac414155d88.pdf) (Exhibits) - [SO2026-0027190 EDS \[ 5853 N Broadway 4 LP\]\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/8fb9ae3e-0431-4320-b0f9-b3d2f7f28274.pdf) (EDS) - [SO2026-0027190 \[Substitute Project Ordinance (4%)\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/d53bd5aa-0755-4f6b-9aa9-b95647455aeb.pdf) (Legislation) - [SO2026-0027190 Exh C \[Loan Agreement\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/493c8b36-5720-4395-9c35-f7277d7b2a38.pdf) (Exhibits) - [SO2026-0027190 C.L..pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/a1015102-fbde-433e-ac69-4171e32815b1.pdf) (Committee Letter) - [O2026-0027190 Ordinance.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/15ff03c6-eea5-4bb7-81bf-591e32faf0b1.pdf) (Legislation) - [O2026-0027190 Ex B - Bond Indenture w subex A-1, A-2 (Sch A, B), B thru E (Sch 1) and F.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/9177c4d8-319b-43f2-85eb-180601c308a3.pdf) (Exhibits) - [O2026-0027190 EDS\_Redacted.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/31af3e99-ee1f-485b-adf4-0f2812670834.pdf) (EDS) - [SO2026-0027190 Exh D \[Tax Regulatory Agreement\].pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/497cd668-d7e3-4e32-a302-637f03150c57.pdf) (Exhibits) - [SO2026-0027190 EDS BRC Broadway 4 GP LLC.pdf](https://www.chicagopolitics.org/files/clerk/matterattachmentspublic/02060d04-de7d-4637-aed6-73c367e09b58.pdf) (EDS) ## Related legislation **More from Johnson, Brandon** - [Executive Order No. 2026-7 (Senior Bill of Rights and Establishing the Mayor's Office on Aging)](https://www.chicagopolitics.org/matter/F2026-0029547-executive-order-no-senior-bill-rights) (F2026-0029547, introduced Dec 8, 2026, Placed on File) - [Issuance of general obligation bonds (2027-2028 General Obligation Borrowing Ordinance)](https://www.chicagopolitics.org/matter/O2026-0029650-issuance-general-obligation-bonds-general-obligation) (O2026-0029650, introduced Oct 21, 2026, Referred) - [Fiscal Year 2027 Budget Recommendations](https://www.chicagopolitics.org/matter/O2026-0029642-fiscal-year-2027-budget-recommendations) (O2026-0029642, introduced Oct 21, 2026, Referred) **More on Agreements** - [Issuance of Multi-Family Program Funds to 3301 W Palmer LLC for acquisition and preservation of Palmer Place Apartments at 3301 W Palmer St](https://www.chicagopolitics.org/matter/O2026-0029417-issuance-multi-family-program-funds-3301) (O2026-0029417, introduced Oct 14, 2026, Referred) - [Issuance of Multi-Family Program Funds and other financial assistance to MPC Phase I 9% LLC for development of Morgan Park Commons Phase I…](https://www.chicagopolitics.org/matter/O2026-0029413-issuance-multi-family-program-funds-other) (O2026-0029413, introduced Oct 14, 2026, Referred) - [Issuance of Multi-Family Program Funds and other financial assistance to MPC Phase I 4% LLC for development of Morgan Park Commons Phase I…](https://www.chicagopolitics.org/matter/O2026-0029412-issuance-multi-family-program-funds-other) (O2026-0029412, introduced Oct 14, 2026, Referred) Sources and methods: [how we get and count this data](/about#methods) · [report an error](/about#corrections) --- Source: https://www.chicagopolitics.org/matter/SO2026-0027190-issuance-multi-family-program-funds-other · Chicago Politics, an independent tracker of the Chicago City Council. Guide for agents: https://www.chicagopolitics.org/llms.txt