A financial plan approved today by City Council will support the Chicago Housing Authority’s (CHA) rehabilitation of a 20-story, West Garfield Park apartment building that has been vacant since 2007.
The $60.8 million gut rehab of Fannie Emanuel Apartments at 3916 W. Washington Blvd. will create 181 one-bedroom units for seniors and include a new facade, mechanical systems, lobby, laundry, fitness center, and landscape improvements.
The City will cede a $35 million allocation of bond volume cap to the CHA to provide interim and permanent financing, as well as $2.4 million in Low Income Housing Tax Credits that will generate $25 million in equity for the project. All of the one-bedroom units will be leased to seniors earning up to 60 percent of area median income. Tenants will pay 30 percent of their income towards rent and the U.S. Department of Housing and Urban Development will provide rental assistance for the remaining monthly balances.
Originally Park View Apartments, the building was constructed in 1963 before being closed due to mechanical system problems. Its current name honors Dr. Fannie Emanuel, an African-American medical doctor and civic leader who founded the Emanuel Settlement House in Chicago in 1908.
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