July 26, 2017

City Assistance Will Preserve 97 Affordable Units on the Northwest Side

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Albany Park’s 97-unit Mayfair Commons apartment building will be rehabilitated and preserved for seniors through a financial plan approved today by City Council.

The $12.3 million project by MC Blue LP at 4400 W. Lawrence Ave. will include a new roof, windows, air conditioning, and energy efficient updates to each apartment.

City support will include up to $6 million in Housing Revenue Bonds, a $3.6 million loan, and $280,000 in Low Income Housing Tax Credits that would generate $2.8 million in equity for the project.

Additionally, a $500,000 allocation by the Chicago Low Income Housing Trust Fund will reduce rents on 13 of the units to support tenants earning less than 30 percent of area median income (AMI). The remaining units will continue to be leased to tenants earning up to 60 percent AMI.

The six-story complex, built with City assistance in 1996, includes a community room, a tenant lounge, and onsite management office.

 

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