Financial measures approved today by City Council will create new affordable housing projects in the Douglas and South Deering communities.
“City assistance for these projects will help expand local housing options and keep Chicago affordable for seniors and families,” Mayor Emanuel said.
Park Boulevard IIB
3633 S. State St., 10 W. 37th St., 16 W. 37th St. and 3720 S. Dearborn St.
The $42.3 million mixed-income project by Park Boulevard IIB LLC will be the fourth phase in the redevelopment of the Chicago Housing Authority (CHA) Stateway Gardens public housing site. The City will provide $5 million in TIF for the construction of five rental buildings containing 37 CHA replacement units, 34 affordable units and 37 market-rate apartments. Additional City support will include $2.4 million in Low Income Housing Tax Credits that would generate $24 million in equity for the development, and the sale of 16,000 square feet of City-owned land at 3633 S. State for $1.
Porta Coeli Senior Residence
2260 E. 99th St.
The $16.2 million rental project by Catholic Charities Housing Development Corp. will create 86 affordable, one-bedroom units through a $760,000 loan agreement with the City. The four-story complex will include a community room, laundry facilities and office space. All units will be leased to seniors earning up to 50 percent of area median income. The proposal will also be supported with $14.3 million from HUD's Section 202 Supportive Housing Development program, which helps finance the construction of affordable housing with services for seniors.
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