Mayor Lightfoot Introduces Roots Development Ordinance
Proposed development would bring 50 new multifamily units to Albany Park
A new multifamily development would be built through an ordinance introduced to City Council today by Mayor Lori E. Lightfoot.
The newly constructed Metropolitan Apartments would 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 would authorize 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.
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