This decision involves the restructuring of a November 2003 subordinate City HOME Investments Partnership Program mortgage for Senior Suites Chicago West Humboldt Park LLC. The restructuring extends the mortgage's maturity date to 2035 and secures a new senior loan. The final decision was passed by the City Council on September 18, 2024, after its introduction on July 17, 2024.
This restructuring is crucial for ensuring the long-term financial viability of Senior Suites Chicago West Humboldt Park. It provides the necessary financial adjustments to continue offering senior housing services while securing new funding.