Issuance of multi-family program funds and other financial assistance to The Regenerator LLC for residential housing project at 6206 S Racine Ave

Record number: SO2026-0027320
Type: Ordinance; category: Agreements
Status: Final
Sponsor: Johnson, Brandon
Committee: Committee on Housing and Real Estate
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 Sigcho-Lopez,, 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: SO2026-0027320 Substitute Ordinance.pdf. AI can make mistakes; the official document always wins.

This ordinance lets the City lend up to $7,733,157 and grant up to $10,992,687 to help turn the former Woods Community Academy building at 6206 S. Racine Ave. into about 48 affordable apartments. The City will sell the property for $1.00 to the Inner City Muslim Action Network (IMAN), which will pass it to Go Green Development Group and then to the developer, The Regenerator LLC. Part of the building will also be set aside for a federally qualified health center, which will not receive the City money.

Authorizes a City loan of up to $7,733,157 from Multi-Family Program Funds to The Regenerator, LLC.
Authorizes a grant of up to $10,992,687 from Chicago Recovery Financing Plan funds to Go Green, which will contribute the money to the developer.
About 48 one- and two-bedroom units will be created for low-, very low-, and extremely low-income persons and families, plus common areas and a parking lot.
The property, appraised at $1,300,000, will be sold by the City to IMAN for $1.00, then passed to Go Green and then to the developer; it may not be used for a K-12 charter school.
Part of the building will become a federally qualified health center; about $1,415,641 in escrowed funds is expected to help pay for its early construction.

Money

$7,733,157 – maximum City loan to The Regenerator, LLC for the housing project
$10,992,687 – maximum Chicago Recovery Plan grant to Go Green for the housing project
$1.00 – sale price of the property from the City to IMAN
$1,300,000 – appraised fair market value of the property as of May 26, 2023
$1,415,641 – escrowed funds expected to be assigned for preliminary construction of the health center

Who: The Regenerator LLC, Go Green Development Group, Gorman and Company, and IMAN are involved, and low-, very low-, and extremely low-income persons and families would be served by the apartments.

Where: 6206 S. Racine Avenue, Chicago, IL 60636 (former Woods Community Academy)

Timeline

Jul 15, 2026: Referred, City Council. The matter was Referred to Committee.
Sep 16, 2026: Substituted, Committee on Housing and Real Estate. The matter was Substituted in Committee.
Sep 16, 2026: Recommended to Pass, Committee on Housing and Real Estate. The matter was recommended to Pass by controlling legislative body.
Sep 23, 2026: Passed, City Council (50 yea, 0 nay), at the City Council meeting. On motion of Alderperson Sigcho-Lopez,, and unsuccessful motion to reconsider by Alderperson Mitchell, the matter was Passed.