A 24-unit affordable apartment complex for artists will be developed in West Town through financial measures approved today by City Council.
Planned as a partnership between Brinshore Development and the Puerto Rican Cultural Center, the $11.8 million Nancy Franco-Maldonado Paseo Boricua Arts Building at 2709-15 W. Division St. will house artists and their families earning up to 60 percent of area median income.
The five-story building will include a gallery and theater on the first floor where tenants can present their work, among other commercial spaces.
City assistance will include $4.2 million in Tax Increment Financing (TIF) from the Humboldt Park TIF district, a $4.2 million multi-family loan, and $261,000 in Low Income Housing Tax Credits that will generate $2.5 million in equity for the project. Other funding sources include a private mortgage loan.
Details about additional TIF-financed projects are available on the City’s interactive TIF portal.
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