Mayor Lori E. Lightfoot today introduced to City Council a restructuring proposal for Englewood Garden Apartments in the Greater Grand Crossing and Englewood communities. The revised proposal would allow the transfer of physical assets of Englewood Garden Apartments, a 167-unit affordable, scattered-site rental community, and the transfer of the debt and security instruments related to previous City-sourced financial assistance from the current City borrower/obligor to a prospective City borrower/obligor.

Through this measure, Community Housing Partners III L.P., and RAHF V/5T Englewood, LLC request the City’s authorization for restructuring of the existing agreements related to an existing City loan and a historical allocation of tax credits in a manner that:

• Will not alter the unpaid principal balance of the City loan of Community Development Block Grant (“CDBG”) funds from circa 1996 ($2.62 million)
• May alter the interest rate on the principal balance of the City loan of CDBG funds from circa 1996, the interest rate of said loan being zero (0) percent per annum, to an interest rate that is not to exceed the applicable federal rate published by the United States Internal Revenue Service
• Will not extend the maturity date of the existing City loan from its currently scheduled July 1, 2029 maturity date
• Will consent to the transfer of the Property to Replacement Borrower.

There are 12 buildings and related surface parking lots in Englewood and Greater Grand Crossing impacted by this measure: 

• 6545 South Normal Avenue
• 6547-49 South Normal Avenue
• 6553-59 South Normal Avenue/434-42 West 66th Street
• 6642-56 South Stewart Avenue/408-10 West 67th Street
• 6757-59 South Parnell Avenue
• 6850 South Normal Avenue
• 7001-03 South Normal Avenue/451-53 West 70th Street
• 7000-04 South Eggleston Avenue/443-45 West 70th Street
• 7056-58 South Eggleston Avenue/440-42 West 71st Street
• 6816-18 South Perry Avenue • 7011-13 South Perry Avenue
• 7150 South Eggleston Avenue/436-44 West 72nd Street
• Parking Lots
  • 7008 South Eggleston Avenue
  • 6632 South Stewart Avenue
  • 7049-53 South Eggleston Avenue
  • 7149 South Eggleston Avenue
  • 7151 South Eggleston Avenue
  • 6535 South Normal Avenue
  • 6858 South Normal Avenue.

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