Next Phase of ABLA Homes Redevelopment Approved for the Near West Side
A measure passed by City Council today authorizes the issuance of up to $87 million in multi-family mortgage revenue bonds for the next phase of the Roosevelt SquareABLA Homes redevelopment.
Today’s introduction would also authorize the execution of a TIF Redevelopment Agreement with RS Affordable I LL, authorizes the City to transfer Illinois Affordable Housing Tax Credit (Donation Tax Credits) proceeds generated by the sale of these tax credits to the project known as Roosevelt Square 3B, authorize the conveyance of City-owned parcel(s) located at approximately 1221 to 1259 West Roosevelt Road to the Chicago Housing Authority (CHA), its designee, or the developer for the benefit of the project known as Roosevelt Square 3B, and designates RS Affordable I LLC as a TIF developer.
Related Midwest was chosen as the master developer for the Roosevelt SquareABLA Homes redevelopment through a Chicago Housing Authority (CHA) Request for Qualification. As part of the CHA’s Plan Forward, Roosevelt Square-ABLA Homes was to produce 2,441 units of mixed-income housing, and approximately 75,000 square feet of retail/commercial space, in six phases on the near west side in the Roosevelt/Racine Tax Increment Financing Redevelopment area. To date, 664 homes have been developed, mixed between rental and for-sale, as well as 30,000 square feet of retail, a 15,000 square-foot library, and over two miles of new streets.
This phase of development will produce three newly constructed buildings that will house 207 mixed-income rental units, the rehabilitation of the housing museum which will contain 15 mixed-income rental units in the northern portion of the building, and the renovated museum in the southern portion, tenant and community amenity, and green spaces, off-street parking. Today’s measure will also authorize the conveyance of city-owned parcel(s) located at approximately 1221 to 1259 West Roosevelt Road to the Chicago Housing Authority, its designee, or the developer, pursuant to Resolution 06-CDC76 adopted by the Community Development Commission of the City of Chicago on September 12, 2006, and the rehabilitation of 184 CHA and affordable rental units from phase I.
Total development costs are approximately $160,850,000 and in addition to the use of tax-exempt bonds and the 4% tax credit equity generated from the bonds (approximately $48 million), other funding will consist of $17 million in TIF to be ported from the Western-Ogden TIF Redevelopment area, approximately $35.5 million in new and assumed Chicago Housing Authority (CHA) funding, a first mortgage of approximately $47 million, equity from Illinois Affordable Housing Tax Credits (Donation Tax Credits) of approximately $2.25 million, which will be generated from the value of the land, a deferred developer fee of approximately $5 million and approximately $1 million in transferred reserves from the existing Roosevelt Square phase one buildings.
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