- Credibility:
CHICAGO — The city is investing about $1 billion in 24 proposed developments that will create affordable housing around Chicago, officials announced Monday.
The 24 proposed developments — a mix of new construction projects and preservation and rehabilitation work — are expected to create 2,428 units of affordable housing. They include a developer who wants to adaptively reuse a former Chicago Public School building for re-entry housing and a project that is the city’s first development in partnership with and for Indigenous people, according to the city.
“Investing in affordable housing is a critical component to creating an equitable,
strong city,” Mayor Lightfoot said in a news release. “I am thrilled that we’ve been able to expand our investments in affordable housing to move us closer towards that vision for our city.”
The city’s investments come in the form of Low Income Housing Tax credits, public loans, tax increment financing and money from the Chicago Recovery Plan. It’s the largest such investment in Chicago history, according to the city.
Eighteen of the 24 projects are Equitable Transit-Oriented Developments, with 12 of those 18 on the South or West sides, according to the city. And 10 of the 24 developments are Black, Indigenous or people of color-led, while all will include the participation of people of color.
The projects also include five Chicago Housing Authority developments that, in total, will have 566 units, with 426 of them affordable, according to the city.
Of the expected 2,428 units, 684 will be family-sized with two-, three- or bedroom–units; and 394 units will be affordable to households earning 30 percent or less of the area median income.
The proposed developments must still go through a litany of processes — including getting City Council approval for public subsidies, having their designs reviewed and getting zoning changes approved — before they can become reality. Closing is expected within eight to eighteen months, according to the city.
The developments:
- 2907 W. Irving Park Apartments, Irving Park
- 4715 N. Western Apartments, Lincoln Square
- Lathrop Homes Phase 1D, Lincoln Park
- Prairie District Apartments, Near South Side
- 43 Green Phase II, Grand Boulevard
- Austin United Alliance, Austin
- East Morgan Park Commons, Morgan Park
- Imani Village Senior Residences, Pullman
- LeClaire Courts A, North, Garfield Ridge
- Legends South A3, South Chicago
- The Regenerator, Englewood
- Thrive Englewood, Englewood
- 1237 N. California Apartments, West Town
- Boulevard Apartments, Humboldt Park
- Parkside 4 Phase 3, Near North Side
- Winthrop Argyle Apartments, Uptown
- Albany-Gaines Redevelopment, South Lawndale and East Garfield Park
- Archer Avenue Senior, Bridgeport
- Churchview Supportive Living Facility, Chicago Lawn
- Island Terrace, Woodlawn
- North Town Village 1, Near North Side
- Prairie District apartments, Near South Side
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