September 20, 2018

Three Affordable Housing Projects Proposed For Near West, South Sides

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More than 210 units of affordable housing would be built on the Near West and South sides through financial proposals introduced today to City Council by Mayor Rahm Emanuel.

4400 Grove, 4424-34 S. Cottage Grove Ave.
The $37 million first phase of 4400 Grove would be constructed on the southwest corner of 44th Street and Cottage Grove Avenue in Grand Boulevard by Brinshore Development and Michaels Development Co. Featuring 84 units in a pair of four-story buildings with ground floor commercial spaces, the project would rise on the site of the former Washington Park Homes public housing complex. Twenty-one of the units would be reserved for Chicago Housing Authority (CHA) residents, 34 units would be affordable at 60 percent of area median income (AMI) and the remaining 29 units would be offered at market rates. City support would include $7.2 million in Tax Increment Financing, $1.9 million in Low Income Housing Tax Credits that would generate $17.8 million in equity, and $783,000 in donations tax credit equity. Amenities would include computer and community rooms, a public plaza, park space and on-site parking.

Johnson and Butler-Lindon Apts., 6230 S. Dorchester Ave. & 6146 S. Kenwood Ave.
The $26 million rehabilitation of Woodlawn’s Johnson and Butler-Lindon apartment buildings would provide 106 affordable units for residents at risk of homelessness. The JBL Preservation Associates LP project would include new kitchens and bathrooms, plumbing and electrical fixtures, new windows and roofs, and masonry repairs. All of the units would be affordable at up to 60 percent of AMI. Up to 84 units would receive rental assistance from the CHA or Illinois Housing Development Authority (IHDA). City assistance would include a new $6 million loan and the assumption of an existing $5.7 million loan. The developer purchased the two properties from the Woodlawn East Community and Neighbors (WECAN) organization in 2017.

Warren Apartments, 1527 W. Warren Blvd. and 1548 W. Madison St. The $28.2 million Warren Apartments would be constructed on the Near West Side by Warren Ashland LP. The project would include adjacent, seven- and three-story buildings consisting of 75 units, 60 of which would be made available for tenants earning up to 60 percent AMI. The remainder would be made available at market rates. City assistance would include a $4.3 million multi-family loan and the sale of seven vacant lots collectively valued at $2.8 million for $1 each.

 

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