The City of Chicago and Mayor Lori Lightfoot have announced the 24 recipients of a nearly $1 billion investment in affordable housing, the largest in Chicago history. All together the selected developments will bring 2,428 residential units across 14 neighborhoods in collaboration with Chicago Department of Housing. The winning proposals come from a list of 51 applicants and consist of new construction, preservations, and rehabilitation work.
Thrive Exchange site view by DL3 Realty
The $952,775,414 investment is made up of Low Income Housing Tax credits, Tax Increment Financing (TIF), public loans, and financing from the Chicago Recovery Plan which stems from the American Recovery Plan federal stimulus. Unique to this year’s program is the racial equity process the Department of Housing executed, this included the nations first Racial Equity Impact Assessment which examined housing data by race and the experiences of impacted populations.
Overall aerial rendering of Le Claire Courts by SCB
Out of the 24, 18 of them are Equitable Transit-Oriented Developments meaning residents of all income, race, ethnicity, age, gender, immigration status, or ability will have access to good public transit allowing them to pursue education, jobs, and healthcare. The selected projects also represents the first development in partnership with and for indigenous people, as well as a reuse project aimed at re-entry housing.
Austin United Alliance. Rendering by Valerio Dewalt Train, Latent Design, and Bauer Latoza
Many of the winning proposals are located on the south and west sides of the city including various Invest South/West proposals. The developments are split into categories as followed:
1) Opportunity Area
- 2907 W Irving Park Apartments in Irving Park
- 4715 N Western Apartments in Lincoln Square
- Lathrop Homes Phase 1D in Lincoln Park
- Prairie District Apartments in the Near South Side
- Western Gunnison Apartments in Lincoln Square
2) Redevelopment Area
- 43 Green Phase II in Grand Boulevard
- Austin United Alliance in Austin
- East Morgan Park Commons in Morgan Park
- Imani Village Senior Residences in Pullman
- LeClaire Courts A in Garfield Ridge
- SACRED Apartments in South Chicago
- The Regenerator in Englewood
- Thrive Englewood in Englewood
3) Transitioning Area
- 1237 N California Apartments in West Town
- Boulevard Apartments in Humboldt Park
- Parkside 4 Phase 3 in the Near North Side
- Winthrop Argyle Apartments in Uptown
4) Preservation
- Albany-Gaines Redevelopment in South Lawndale and East Garfield Park
- Archer Avenue Senior Housing in Bridgeport
- Churchview Supportive Living Facility in Chicago Lawn
- Island Terrace in Woodlawn
- North Town Village 1 in the Near North Side
- Prairie District Apartments in the Near South Side
4715 N Western Avenue. Rendering by DesignBridge
The winning proposals will still have to proceed with all of the normal permitting requirements including getting zoning approval and approval from the Chicago City Council. However funding from the program will be distributed in the next eight to 18 months.
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Somebody turned on the grift faucet, this comes out to 392k per unit.