July 30, 2014

More than 120 Senior Apartments Approved for Three South Side Communities


Financial measures approved by City Council today will support the creation of 128 units of affordable senior rental housing in three South Side communities.

Sangamon Terrace, 6145 S. Sangamon Terrace
The $8.7 million Sangamon Terrace Apts. in Englewood will include 24 apartments for seniors earning up to 50 percent of area median income. City support will include a $1.4 million loan and $3 million in tax credit equity. To be developed by Evergreen Real Estate Services, the four-story building will include one-bedroom apartments, a community room and laundry facilities. The building will share a hallway and on-site staff with the adjacent Bethel Terrace senior apartment complex. The project will also be supported with $3.9 million from HUD's Section 202 Supportive Housing Development program, which helps finance the construction of affordable housing with services for seniors and various grants.

St. Edmund's Tower Annex, 6151 S. Michigan Ave.
The sale of a City-owned lot to St. Edmund's Redevelopment Corp. will lead to the construction of 34 affordable, one-bedroom units for seniors in Washington Park. The five-story, $6.6 million complex will include a community room, laundry facilities, a garden and office space. All units will be leased to seniors earning up to 50 percent of area median income. The land, valued at $180,000 will be sold for $1. The project will also be supported with $5.9 million from the HUD Section 202 program, $77,000 in donations tax credit equity, and state and federal grants. It will be constructed next to St. Edmund's Tower, an existing 59-unit HUD Section 202 senior building completed in 1998.

Kennedy Jordan Manor, 825 W. 118th St.
City financial assistance will enable construction of a 70-unit affordable apartment complex for seniors in West Pullman. The $18.4 million, four-story development by KJ Manor LP will include a mix of studio and one-bedroom units as well as an atrium, fitness center, community room, and a landscaped walking trail featuring native plants. The City will provide a $4.5 million loan, $1.5 million in Tax Increment Financing, and $1.2 million in Low Income Housing Tax Credits that will generate $12.2 million in equity for the project. All of the units will be reserved for tenants earning up to 60 percent of area median income.


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