Chicago Approves $6 Million Funding for New Affordable, Accessible Housing Project
Mayor Brandon Johnson and the Chicago Department of Housing (DOH), with the support of City Council, has approved an ordinance that will allocate up to $6,000,000 in a combination of STSC grant funds and Multi-Family Loan financing to support the construction of Lakeview Landing, a six-story building in Chicago’s Lakeview neighborhood.
Lakeview Landing is a transformative six-story elevator building that will comprise 37 fully accessible one-bedroom units. This project is specifically designed to be affordable to tenants with incomes at 30% Area Median Income (AMI) or below.
All of the units at Lakeview Landing will be subsidized with project-based vouchers, ensuring that those with mobility needs can find quality, accessible housing in the community. Additionally, the developer has pledged to allocate five percent of the units (two units) as Permanent Supportive Housing for individuals on the Continuum of Care waiting list.
Lakeview Landing represents an investment of $18,392,665 in the city's affordable housing infrastructure. While a significant portion of the funding is being provided by the Illinois Housing Development Authority (IHDA), the City of Chicago has been called upon to bridge the funding gap.