Thirteen developments have been selected to receive low-income housing tax credit reservations from the Chicago Department of Housing.
The combined development cost for the projects is estimated at $562 million, which incorporates public and private resources. This includes approximately $13 million in 9% credits and $11 million in 4% credits, which will generate an estimated $187 million in private equity as well as an estimated $154 million from Chicago’s public loans and tax increment financing, estimated the city.
“Our 2023 QAP [qualified allocation plan] 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,” said housing commissioner Lissette Castañeda.
Priorities of the recent QAP included dedicated resources for the construction of permanent supportive housing (PSH); in all other developments, a requirement that 5% of the units be set aside as PSH; and bolstering site-specific opportunities in Woodlawn, East Garfield Park, and Pilsen neighborhoods.
The latest awards include $4.5 million in LIHTCs for a major renovation of Riverside Village, an affordable housing community with 258 units across 39 buildings in the Riverdale neighborhood. Habitat, a multifamily developer and manager based in Chicago, is leading the project.
Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. With the property’s multiple buildings falling into disrepair, Habitat purchased the community in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt, and subordinate loans from the city of Chicago and the Department of Housing and Urban Development.
The awarded tax credits will help Habitat refinance the existing debt on the property and fund on-site rehabilitation work, including new, green plumbing and HVAC systems; upgraded unit interiors; improved accessibility in common areas; and exterior improvements to the on-site playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be complete in 2026.
Other awardees are:
Priority Tract: Opportunity Area
- Belray Apartments 9/4 by Mercy Housing Lakefront
- 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
- WBC Manor by WBC Communities
- 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
Priority Tract: Permanent Supportive Housing
- Janet L. Smith Apartments by Interfaith Housing Development Corporation of Chicago
