Sarah's on Lakeside to Provide 28 Affordable Studios in Uptown
City Council passed a measure today paving the way for 28 permanent affordable studio apartments for very low and extremely low-income individuals who are homeless or chronically homeless in the Uptown community. Sarah’s on Lakeside will be the third supporting housing development from Sarah’s Circle.
Rents will be subsidized through a combination of project rental assistance provided by the Chicago Housing Authority (CHA), and HUD’s Continuum of Care subsidies. Fifty percent (14) of the units will be targeted to residents earning no more than 30% of the area median income (AMI), and 50% (14) will be targeted to residents earning no more than 60% of AMI.
All residents will have access to supportive services at Sarah’s Circle Support Center. In addition to meals, the Center will provide case management services, educational programming, and clinical services. Residents will have access to shared laundry facilities, multipurpose rooms, a shared computer lab, group dining, and social services.
Total development costs are approximately $15.4 million, and the City will provide up to $3.5 million in Multi-Family Loan Funds, $3.1 million in Affordable Requirements Ordinance (ARO) “In lieu of” funds, and $1.5 million in Illinois Affordable Housing Tax Credit proceeds (Donation Tax Credits). The Illinois Housing Development Authority (IHDA) will provide $6 million in Supportive Housing Funds, and Sarah’s Circle will provide a capital contribution of $1.9 million.
The ARO “in lieu of” funds will be derived from a market-rate development to be erected at 4600 North Marine Drive. In lieu of providing 25% affordable units in their market-rate development, developer Lincoln Properties will donate $3.1 million, which will go to Sarah’s Circle to assist with the costs of erecting the 28 affordable housing units at Sarah’s on Lakeside.
Sarah’s Circle was founded in the late 1970s, and its mission is to provide a refuge for women who are homeless or in need of a safe space by providing housing assistance, case management, referral services, and life necessities. Since opening its doors, Sarah’s Circle has helped to place over 700 women in permanent housing, and on a day-to-day basis, serves 100s of individuals with their comprehensive supportive service programs such as meals, case management, clinical services, general education, and referral services.
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