New Multifamily Development Conservatory Apartments Planned for Humboldt Park
City Council approved an ordinance today to issue $3,500,000 in Tax Increment Financing (TIF) assistance for the creation of a new 43-unit affordable multifamily development, Conservatory Apartments, in the Humboldt Park community, conveniently located two blocks from the CTA Conservatory Green Line Station. The ordinance also designates Conservatory Apartments, LLC, one of its affiliates, or an entity acceptable to the Department of Housing (DOH) Commissioner, as the developer.
All 43 units will be affordable for individuals earning between 30 and 50% area median income (AMI). Units for individuals experiencing homelessness will have either a Low-Income Housing Trust Fund (LIHTF) subsidy, or a subsidy from HUD through the Continuum of Care Program.
Conservatory Apartments, LLC is a project-specific entity that will serve as both Owner and Borrower for this development. It is 100% owned by The Interfaith Housing Development Corporation of Chicago, an Illinois not-for-profit corporation. Conservatory Apartments will partner with the nonprofit Deborah’s Place to provide permanent supportive housing to serve homeless individuals with chronic disabilities, as well as individuals from the Illinois State Referral Network. The ground floor will include property management and social services offices.
# # #