Thirty-Three Rental Units to be Rehabbed Will Remain Affordable for 30 years in Lawndale
City Council today passed an ordinance that will provide up to $6,500,000 in MultiFamily loan funds, as well as equity and assumption of the pro-rata share of the outstanding $1,370,398 City Loan for the Pulaski Building ($942,149). The development will completely rehab the existing 33-unit Lazarus Apartments, a three-story building in the Lawndale neighborhood. All 33 units will be affordable for 30 years, with 18 affordable to households at 50% area median income (AMI) and 15 units at 60% AMI, representing a mix of one, two, and three bedroom units.
In January 2021, City Council approved providing up to $4 million in multifamily loan funds for the project. Due to rising construction costs and updated drawings and pricing, the scope requires up to an additional $2.5 million to complete. In addition to completely rehabbing and upgrading each unit with new flooring throughout, new water heaters and HVAC systems, energy-efficient appliances, and fixtures, the building will feature communal laundry in the basements, storage lockers, indoor bike parking, and a security system with cameras at all entrances.
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