New Development Would Create 56 New Rental Units and Community Space and Other Amenities in Englewood
A new measure approved by City Council today will create a new five-story, elevator building with 56 rental apartments in the Englewood community. The multi-family agreement authorizes the sale of 35 City-owned lots for $1.00 each to Englewood Phase One, LLC as the developer. The development will also include tenant community spaces and 1,000 square feet of flex space on the first floor for small commercial or tenant space. There will be 33 one-bedroom and 23 two-bedroom apartments. Of the 56 units, 40 will be affordable to households earning between 30% to 60% of the area median income (AMI) levels. Fourteen of the 40 affordable units will receive Section 8 rental assistance via the Chicago Housing Authority (CHA). The remaining 15 units will be available at market-rate rents.
Other building amenities will include tenant storage, laundry, bicycle racks, landscaping, and 22 off-street parking spaces. Total development costs are approximately $21,322,811. In addition to the City’s $2,000,000 multi-family loan, the City will also issue 9% Low Income Housing Tax Credits (LIHTC) that will generate approximately $13,950,000 of equity. Other funding will consist of a HUD 221(d)(4) loan of $5,073,790 and a deferred developer fee of $296,109. The City of Chicago will have a mortgage lien position on the property.
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