Chicago Issues $15 Million for Rehab Project to Support Teachers and Seniors in City’s 26th Ward

April 19, 2023

The Teachers Village project will provide 102 new rental apartments, with more than 26% being made affordable.

Financial measures introduced today to City Council by Mayor Lori E. Lightfoot and the Department of Housing will support the issuance of up to $2,388,892 in 9% Low Income Housing Tax Credits, and up to $15,250,000 in Multi-Family Loan Financing for the Teacher’s Village project.

Teacher’s Village is a multi-story, mixed-use rehabilitation of a shuttered Chicago Public School building and site located at 2620 W Hirsch Street in the 26th ward under Alderwoman Jessie Fuentes.

The project consists of the renovation of the former Von Humboldt Elementary School into 102 rental apartments to be pre-marketed to teachers and independent living seniors (aged 62 and above). 26.4% of the units will be made affordable to those at 50% AMI or less.

It will also feature non-profit retail space, a ‘community-as-campus’ life-long learning center, an amenity space, and a central piazza/public square. There will be 53 parking spaces located on site adjacent to the building available to all tenants of the property.

The total project cost is $54,432,615 and is anticipated to be funded via the following sources in addition to the City’s $15,250,000 loan: a private loan of $15,600,000, General Partner Equity of $100, Deferred Developer Fee of $1,975,000, and Tax Credit Equity of $21,500,028. 27 CHA Vouchers are anticipated in the project.


# # #

News Release Facts


I Want To