The City of Chicago, along with the Department of Housing, has announced a major investment in the preservation and construction of affordable housing across the city. Revealed earlier this week, the funding will go to 15 different projects, which also include market-rate housing. This comes as the mayor has ousted the head of the CHA board due to a dispute over its CEO.
Overall view of Ogden Commons, Residential Phase I forefront, Phase II rear via OC Living
The city’s investment will total around $300 million and will be joined by $16 million in Low-Income Housing Tax Credits, which are expected to generate an additional $100 million in private equity investment. The funds will go toward projects expected to cost $711 million and will be required to guarantee affordability for 30 years.
Rendering of Metropolitan L Apartments by LBBA Architects
Of the 15 projects, 12 will be new construction, totaling 798 units, while three will focus on preservation, accounting for 425 units, including three senior housing developments. In total, the projects will create or preserve 1,223 housing units, of which 1,164 will be affordable. These include 566 CHA units, 445 family-sized units with two or more bedrooms, and 130 units designated for households earning 30 percent of the area median income (AMI).
The projects are as follows, per the city’s press release:
- Southbridge 3A, Near South Side
- Heart of South Shore, South Shore
- Gateway 79, Chatham
- 79th & Woodlawn Senior Living, Calumet Heights
- Bontemps Apartments, West Englewood
- Woodlawn Social, Woodlawn
- KLEO’S Corner Apartments, Washington Park
- 18th & Peoria M2, Lower West Side
- Encuentro Square Phase 2, Logan Square
- Ogden Commons A-3 Residential, North Lawndale
- Westgate, West Garfield Park
- Metropolitan L Apartments, Logan Square
- Leland Apartments, Uptown
- Hollywood House Apartments, Edgewater
- Gateway Apartments Preservation, Rogers Park
Encuentro Square phase one via Ian Achong
Additionally, the developments will be the first to go through the city’s overhauled planning process created through the Cut the Tape initiative, leading to faster timelines and improved cost control. The projects are in various stages of progress and are expected to close on funding and permitting within the next 18 months.
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Super excited about 18th and Peoria. That lot needs to be filled, hopefully with something to enhance the pedestrian experience of that end of Pilsen.
mayor doesn’t HAVE 300-million. what’s he doing? not that we don’t NEED these proposals yet his tenure won’t last see these grandiose plans to completion as he continues to disappoint this city.
I believe that $300 million is 1/5000 of the total annual city budget. That’s assuming the $300 million gets spent in one year. That’s also half the cost of what was spent on Soldier Field 25 years ago, which I’m sure would be a lot more figuring in inflation (probably about $1.2 billion).
Also, who is this? “we“ that you’re talking about?
Oops, 1/50. Thank God for my Calculator.
However that’s for one year, I’m assuming this is probably to be spent over several years. So for the yearly budget probably 1/150th of the budget, which I suppose is something like 0.6%
Well this article is gonna see some level-headed responses…
Metropolitan L Apartments In Logan Square looks like a good proposal nice for the area
Over $14 million was invested in the Leland Apartments 20 years ago. With this next rehabilitation, I hope stronger measures are taken to properly maintain the building and prevent it from deteriorating to such a severe state of disrepair again.
This is a start and in places that desperately need the help that purely private development just aren’t touching. Chicago needs a lot of infill in these areas.