Chicago City Council has granted $9 million in TIF funding for Ogden Washtenaw A2, a segment of the Ogden Commons development located at 1312 S. Talman. This joint venture involves The Habitat Company, Lawndale Real Estate, and Sinai Health System. The development will comprise a 4-story building housing 75 mixed-income units, ranging from studios to three-bedroom apartments.
Rendering of Ogden Washtenaw A2 from The Habitat Company
The $38.5 million project will secure funding from various sources, including a first mortgage lender, TIF, CHA loan, state donations and LIHTC equity. CHA retains ownership of the land under a lease agreement with the project developer.
Rendering of Ogden Washtenaw A2 from The Habitat Company
Following the City Council’s approval, the TIF funding and redevelopment agreement are now finalized, allowing the development to move ahead. Construction permits have been submitted and await approval, signaling the imminent start of the project.
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