City of Chicago celebrates completion of affordable six-story development in Albany Park
The City of Chicago celebrated the completion of a transformative six-story, mixed-use development this morning located at 3559 W. Lawrence Avenue in the heart of the Albany Park neighborhood. The Maria Elena Sifuentes Apartments, developed and owned by Celadon Partners, is a testament to the Johnson administration’s commitment to providing affordable housing solutions in high-need communities.
The success of this development is significantly attributed to Celadon Partners' partnership with Communities United's affordable housing initiative, Renters Organizing Ourselves to Stay (ROOTS) in collaboration with 33rd Ward Alderwoman Rossana Rodríguez. Celadon Partners is a proud member of ROOTS, an initiative with the sole mission of preserving and creating affordable housing in high-need neighborhoods throughout the City of Chicago.
“Celadon is thrilled to have completed our latest affordable housing development in Chicago’s Albany Park community,” stated Scott Henry CEO of Celadon Partners, “Our mission of providing safe affordable housing options for families in this community was a collaborative effort between Celadon, our community partners ROOTS and Communities United, the City of Chicago Department of Buildings, and our lending partners Huntington Bank.”
The Maria Elena Sifuentes Apartments, initially named the Metropolitan Apartments, was selected in the Department of Housing’s (DOH) 2019 funding round. With total development costs at $26.17 million, City assistance comprised 70% of the total project sources. DOH provided $1.6 million in 9% Low Income Housing Tax Credits, as well as $990,000 in Donation Tax Credits, resulting in approximately $15.8 million in total equity for the benefit of this project. The Chicago Department of Planning and Development further issued up to $2.5 million in Tax Increment Financing assistance. The project went through the 33rd Ward office’s Community Driven Zoning process that ensured full community participation and input.
“Housing is a fundamental right, and the Maria Elena Sifuentes Apartments exemplify our commitment to ensuring that those who require subsidies to live affordably have just as many choices in where they call home as those who don’t require subsidies,” said Housing Commissioner Jim R. Horan.
The Maria Elena Sifuentes Apartments represents a critical response to the ongoing challenges of housing accessibility in Chicago, particularly for low-income and extremely low-income households. The newly completed project offers a total of 50 units of affordable housing, with 42 units priced for households earning up to 60% of the Area Median Income and the remaining eight units at market rate. Additionally, 15 of the 42 units are made available to extremely low-income households, thanks to the crucial support of CLIHTF rental subsidies.
“As a long-term advocate for affordable housing, I am excited for the inauguration of the Maria Elena Sifuentes building. This is an opportunity for families to settle in this neighborhood, for children to go to school without fear that they will have to change schools next year, and for businesses to benefit from new families calling Albany Park their new home,” said Merced Alday, Communities United Albany Park leader.
In addition to providing affordable housing options to the community, the project will prioritize the needs of working families by providing access to a convenient, enriching, and accredited childcare option. Concordia Place – an award-winning, locally-based non-profit daycare provider for resident families and the surrounding community – will occupy the ground floor commercial space, which spans an impressive 6,500 square feet.
The ribbon cutting was joined by Mayor Brandon Johnson, Housing Commissioner Jim R. Horan, Celadon Partners, the Communities United housing team, and Alderwoman Rossana Rodriguez Sanchez.