A 24-unit affordable apartment complex for artists would be developed in West Town through financial measures introduced today to City Council by Mayor Rahm Emanuel.
The $11.8 million Nancy Franco-Maldonado Paseo Boricua Arts Building at 2709-15 W. Division St. would target artists and their families and include commercial space and a “black box” performance theater on the first floor.
The five-story structure would be developed as a partnership between Brinshore Development and the Puerto Rican Cultural Center. City assistance would include a $4.2 million loan, $4.2 million in TIF, and $261,000 in Low Income Housing Tax Credits that would generate $2.5 million in equity for the project. Other financing would include a private mortgage loan.
All of the residential units would be rented to households at up to 60 percent of area median income. Amenities would include a community room, management office, parking, and informal gallery space on each floor for artists to display their creations.
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