36-Unit Veterans Housing Development Approved for Englewood
A 36-unit affordable housing development for veterans will be built in Englewood through financial measures approved today by City Council. The $14.9 million, 16- building project known as Hope Manor Village will be built on scattered sites on the 5900 and 6100 blocks of South Peoria Street, the 5900 and 6000 blocks of South Green Street and the 6100 block of South Sangamon Street.
Each two- and three-flat structure will contain two-bedroom apartments for Veteran households earning up to 60 percent of area median income. Ten of the units will receive rental assistance from the Chicago Low Income Housing Trust Fund and be made affordable at 30 percent of area median income.
City support for the Volunteers of America of Illinois project will include a $3.2 million multi-family loan and the sale of a vacant, City-owned lot for each building. Collectively valued at $28,500, the 16 lots will be sold for $1 each.
Other funding sources will include $1.1 million in Low Income Housing Tax Credits from the Illinois Housing Development Authority (IHDA) that will generate $10.1 million in equity, a $400,000 Home Depot grant, and conventional financing. Hope Manor Village will be built in the blocks surrounding Hope Manor II, which opened in 2014 through City of Chicago assistance and provides housing and social services for 73 formerly homeless veterans and their families.
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