City Council Passes Roots Development Ordinance
Proposed development will bring 50 new multifamily units to Albany Park
City Council today approved an ordinance that will allow the construction of a new multifamily in the Albany Park neighborhood.
The newly constructed Metropolitan Apartments will include 50 multifamily units, 42 of which would be deemed affordable for families earning between 30 and 60% of the area median income (AMI). The other eight units would be for market-rate renters. The ordinance authorizes reservation of up to $990,000 in donation tax credits (IAHTCs), issuance of up to $2,500,000 in Tax Increment Financing (TIF) assistance; and issuance of up to $1,390,000 in 9% Low Income Housing Tax Credits (LIHTC). The ordinance will also designate ROOTS Development, LLC, one of its affiliates, or an acceptable entity as a developer.
To support the multifamily units, the ground floor commercial will be dedicated to a notfor-profit daycare center.
# # #