Senior Rental Housing Development Approved for Calumet Heights
A 134-unit affordable senior apartment complex will be developed in Calumet Heights through financial measures approved today by City Council.
Planned by Montclare Calumet Heights LLC for seniors aged 62 and older, the $38.4 million project will be constructed on five acres of vacant land at 9401 S. Stony Island Ave.
City support will include a $9.6 million loan, $3 million in Tax Increment Financing, and a $1.3 million loan from the Chicago Low Income Housing Trust Fund, which will also provide rental assistance for 26 units. An additional 34 units will receive rental assistance from the CHA.
The seven-story building will consist of one- and two-bedroom apartments, a community meeting room, fitness center, media room, library, computer lab, beauty salon, laundry room, and other amenities.
One hundred four of the units will be made available to tenants earning up to 60 percent of area median income, and the rest will be offered at market rates.
# # #