City Support Will Preserve 449 Senior Apartments in Rogers Park
The $58.7 million rehabilitation of a Chicago Housing Authority (CHA) senior apartment building in Rogers Park will move forward through a financial plan approved today by City Council.
The interior and exterior improvements to the 26-story Caroline Hedgers Apartments at 6400 N. Sheridan Road will preserve 449 studio and one-bedroom apartments for seniors 62 years of age and older. The work includes the installation of a new fire protection sprinkler system, new heating and air conditioning systems, kitchen updates, a new roof and other improvements.
Under the plan, the City will cede up to $35 million in tax-exempt bond volume cap to the CHA, as well as $2 million in Low Income Housing Tax Credits that will generate $19.7 million in equity for the project. The CHA will issue the bonds and use the proceeds to complete the renovations and restructure the project’s interim and permanent financing. Other funding sources will include a $20 million CHA loan and a $17.6 million private mortgage loan.
Built in 1963, the building is named after Dr. Caroline Hedger, who championed the rights of workers in Chicago's meatpacking industry.
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