Thirteen affordable housing projects will be added to Chicago’s housing stock via the city’s allotment of federal low-income housing tax credits, the Chicago-Sun Times reported.
The developments, listed below, are expected to cost $562 million. Besides tax credits, they will receive $154 million from tax-increment financing and city public loans. It is unclear how many units the projects will yield; an estimated 120,000 are needed to fill Chicago’s affordable housing dearth.
Low-income housing tax credits, awarded every other year in Chicago, are the main funding source of affordable housing development in the city. This year’s tax credit allocation includes a requirement for developers to implement eviction prevention plans.
Most of the homes created through the tax credits will be reserved for residents who earn a percentage of the area median income of the surrounding neighborhood. Only one, the Janet L. Smith Apartments in West Pullman, developed by the Interfaith Housing Development Corporation, is for permanent supportive housing and will include social services provided by Southside Center of Hope.
Perry Vietti, president of Interfaith Housing Development Corporation, emphasized the obvious signs of Chicago’s homelessness and affordable housing crisis throughout the city.
“People are homeless for all kinds of reasons, but the lack of affordable housing is one of the biggies,” Vietti told the outlet. “There’s just a lack of supply, and that’s what we hope to address by doing this.”
The developments receiving tax credits are:
Janet L. Smith Apartments in West Pullman, by Interfaith Housing Development Corporation;
The 5853 North Broadway development in Edgewater, by Bickerdike Redevelopment Corporation;
Belray Apartments 9/4 in Lakeview, by Mercy Housing Lakefront;
Abrams Intergenerational Village in Washington Park, by the Renaissance Collaborative;
Harvest Homes II in Garfield Park, by People’s Community Development Association of Chicago;
Hub 32 in East Garfield Park, by Michaels Development Company;
WBC Manor by WBC Communities;
Park Manor Senior Residences of Chatham, by All Construction Group;
Pilsen Migrant Continuum of Care Workforce Housing, by Metropolitan Housing Development Corporation;
Hilliard Homes on the Near South Side, by Holsten;
Homan Square Apartments Phase IV in Garfield Park, by IFF Real Estate Holdings;
The Martha Washington in North Center, by Evergreen Real Estate Group Housing; and
Riverside Village in Riverdale, by the Habitat Company.
—Quinn Donoghue
Read more
Development
Chicago
DL3 wins Plan Commission nod for South Side affordable housing project
Development
Chicago
Lincoln Square $30M affordable housing project moving forward
Residential
Chicago
Logan Square gets fully affordable project started in gentrification push