Thirteen developments have been reserved low-income housing tax credits from the Chicago Department of Housing (DOH).
The projects are funded through the DOH’s 2023 qualified allocation plan (QAP), which introduced several key priorities, including dedicated resources for the construction of permanent supportive housing (PSH), a requirement in all other developments that 5% of the units be set aside for PSH, and enhanced broadband infrastructure and connectivity.
The total development costs for the 13 developments are estimated at $562 million, which incorporates public and private resources. This includes approximately $13 million in 9% LIHTCs and $11 million in 4% LIHTCs, which will generate an estimated $187 million in private equity, and an estimated $154 million from the city’s public loans and tax increment financing, according to the city.
“We are proud to announce these 13 transformative projects,” said housing commissioner Lissette Castañeda. “Our 2023 QAP intended to see several of the department’s priorities grow, from encouraging transit use to empowering BIPOC developers, and the projects that are moving forward over the next two years speak to that while bringing more affordable housing to the city of Chicago.”
The awardees are:
Priority Tract: Opportunity Area
· Belray Apartments 9/4 by Mercy Housing Lakefront; and
· 5853 N. Broadway by Bickerdike Redevelopment Corp.
Priority Tract: Redevelopment Area
· Abrams Intergenerational Village by The Renaissance Collaborative;
· Harvest Homes II by People's Community Development Association of Chicago;
· Hub 32 by Michaels Development Co.;
· WBC Manor by WBC Communities; and
· Park Manor Senior Residences of Chatham, Phase I, by All Construction Group.
Priority Tract: Transitioning Area
· Pilsen Migrant Continuum of Care Workforce Housing by Metropolitan Housing Development Corp.
Priority Tract: Recapitalization
· Hilliard Homes by Holsten;
· Homan Square Apartments Phase IV by IFF Real Estate Holdings;
· The Martha Washington by Evergreen Real Estate Group Housing; and
· Riverside Village by The Habitat Co.
Priority Tract: Permanent Supportive Housing
· Janet L. Smith Apartments by Interfaith Housing Development Corp.
These proposals will now undergo project underwriting, design review, zoning approvals, and city approvals for any public subsidy. In general terms, closing on these projects is anticipated within the next 18 to 36 months.
