Two Northwest Side affordable rental housing developments for seniors and the disabled will be supported through financial measures approved today by City Council.
Milwaukee Ave. Apartments
The City will provide $1 million in Tax Increment Financing (TIF) for the construction of a 32-unit supportive housing complex for individuals with mobility and sensory impairments at 3060 N. Milwaukee Ave in Avondale. The $9.7 million, four-story complex by Full Circle Communities Inc. will include a mix of one-and two-bedroom apartments for residents earning up to 60 percent of area median income (AMI). The project will feature an ADA-accessible garden with raised beds and paved surfaces. Onsite support will include personal care and other health and wellness services to maximize tenants’ independent living. Additional funding will come from the Illinois Housing Development Authority, a state grant and developer equity.
Cicero and George Elderly Housing
City financial assistance will enable the construction of a 70-unit apartment complex for seniors at 4800 W. George St. in Belmont Cragin. The $21.6 million, six-story complex by Hispanic Housing Development Corp. will include a mix of studio, one- and two-bedroom units as well as a fitness center, atrium, terrace and community garden. Sixty-one of the units will be reserved for tenants earning up to 60 percent of AMI and eight units for tenants earning up to 80 percent of AMI. The City assistance will include $4 million in TIF, a $4.9 million loan, and $1.2 million in Low Income Housing Tax Credits that would generate $11.8 million in equity for the project. Additional funding sources will include state and federal grants.
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