A 62-unit senior apartment complex would be developed in Garfield Ridge through financial measures introduced today to City Council by Mayor Rahm Emanuel.
Planned by Cicero Senior Lofts LLC, the $20.3 million, four-story building at 4801-57 S. Cicero Ave. would feature studio, one- and two-bedroom apartments, a community meeting room, fitness center, outdoor patio, on-site parking, and other amenities.
“Our seniors have played an important role in making Chicago the great city it is today,” said Mayor Emanuel. “The City needs to ensure that they have affordable options that allow them to age gracefully in the comfort of their homes.”
Forty eight of the units would be made available to tenants earning up to 60 percent of area median income (AMI), eight units would receive rental assistance from the Chicago Low Income Housing Trust Fund and be affordable at 30 percent of AMI, and the rest would be offered at market rates.
City support would include a $2.3 million loan and $1.7 million in Low Income Housing Tax Credits that would generate $16.5 million in equity for the project. Additional funding would include a $1.5 million private mortgage loan.
# # #