Critical System Upgrades Approved for Albany Terrace Apartments and Irene McCoy Gaines Apartments
Albany Terrace Apartments and Irene McCoy Gaines Apartments will receive funding for much-needed critical systems upgrades through a financial proposal approved by City Council today. Today’s measure will allow the City to cede up to $100 million of unused tax-exempt bond volume cap to the Chicago Housing Authority (CHA) which will issue the bonds to rehabilitate and preserve the two existing senior buildings.
Located at 3030 W. 21st Place in the South Lawndale community, the 17-story, 350- unit Albany Terrace senior complex was originally built in 1974. Constructed in 1964 at 3700 W. Congress Parkway in East Garfield Park, the 17-story Irene McCoy Gaines development features 150 senior units.
The approximately $190 million project will include system and interior upgrades that will turn a pair of aging buildings into vibrant complexes with new features and amenities for the next generation of low-income seniors.
In addition to the use of tax-exempt bonds and an anticipated $74.6 million in 4% tax credit equity, other funding will consist of a $31 million mortgage, a $76.5 million loan from the CHA; $3.5 million in interim income, a $3.6 million deferred developer fee and $618,000 returned from the rate lock deposit.