January 23, 2019

62-Unit Senior Housing Development Approved for Garfield Ridge

312.744.9267

A 62-unit senior apartment complex will be developed in Garfield Ridge through financial measures approved today by City Council.

Planned by Cicero Senior Lofts LLC, the $20.3 million, four-story building at 4801-57 S. Cicero Ave. will feature studio, one-and two-bedroom apartments, a community meeting room, fitness center, outdoor patio, on-site parking, and other amenities.

Forty eight of the units will be made available to tenants earning up to 60 percent of area median
income (AMI), eight units will receive rental assistance from the Chicago Low Income Housing Trust Fund and be affordable at 30 percent of AMI, and the rest will be offered at market rates.

City support will include a $2.3 million loan and $1.7 million in Low Income Housing Tax Credits that will generate $16.5 million in equity for the project. Additional funding will include a $1.5 million private mortgage loan.

 

# # #

 News Release Facts

 I Want To