Churchview Senior Living Facility Loan Restructuring Approved
Churchview Senior Living Facility in Chicago Lawn will receive much-needed improvements under a financial proposal approved by City Council today. Today’s measure would authorize the issuance of up to $8 million in multifamily loan funds, issuance of up to $14 million in tax exempt bonds which will generate approximately, $8 million in 4% tax credit equity for the benefit of the project, and the issuance of up to $1 million in Illinois Affordable Housing Tax Credits for upgrades to the building and help preserve its affordability.
Churchview SLF is a six-story supportive living apartment building located at 2626 W. 63rd St. consisting of 86 senior studio and one-bedroom units affordable to tenants earning up to 50% of the area median income. The proposed project will recapitalize existing loans and provide moderate rehabilitation of the building to preserve and enhance the existing affordable housing as well as to increase energy efficiency.
The proposed scope of work will involve the replacement of existing mechanical equipment; plumbing fixtures; cabinetry and countertops; appliances; floor, wall, and ceiling finishes; roofing; masonry repairs; and other exterior improvements. The rehabilitation secures 86 affordable senior units for a minimum of 30 years housing vulnerable senior citizens that need additional supports. It will also create 65 temporary construction jobs and preserve 26 permanent jobs. The total project cost is estimated at $25.5 million.