Chicago Passes Ordinance to Issue More Than $13 Million for Affordable Housing on South Side

December 13, 2023

Today, through finance proposed by the Chicago Department of Housing and Mayor Brandon Johnson, the City of Chicago will issue up to $13 million for the development of Sacred Apartments on the city’s South Side.

Located in South Chicago at 9212 South Burley Avenue, the new five-story elevator building will feature a mix of 15 studios, 11 one-bedrooms, 21 two-bedrooms, 25 three-bedrooms, and nine four-bedrooms. All 81 units will be tax credit eligible, with 20% targeting households at or below 60% of the Area Median Income (AMI), 60% targeting households at or below 50% AMI, and 20% set aside for households at or below 30% AMI.

The development will also include a first-floor front desk, community room, property management and social service offices, and retail space on the 92ns Street frontage, funded separately. A 44-space parking lot is designed for the south end of the building.


The financing of the project will leverage various sources, including up to $23,000,000 in tax-exempt housing revenue bonds issued by the City of Chicago, a $5,000,000 TIF grant from the South Chicago TIF district, a $1,305,362 grant from the Chicago Recovery Plan for Permanent Supportive Housing, and an up-to $6,694,638 loan from HOME funds. Additional funding will be provided through a private loan, a loan from the Illinois Housing Development Authority (IHDA), as well as grants from ComEd and Community Neighborhood, accrued interest & GIC Income, GP Equity, and a deferred developer fee.

The ordinance also approved the conveyance of seven City-owned lots appraised at $119,842 to the developer for the nominal sum of $7. SACRED Apartments Owner LLC will serve as the project owner. The General Partner, SACRED Apartments Developer LLC, will hold 0.01% ownership, with 60% owned by The Interfaith Housing Development Corporation of Chicago and 40% owned by Claretian Associates, Inc—both not-for-profit corporations committed to community development.

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