First Phase of Encuentro Square Would Bring 89 New Affordable Apartments to Western Terminus of the 606 Trail
Financial measures introduced to City Council today by Mayor Lori E. Lightfoot would support the development of an 89-unit affordable apartments at the western edge of the 606 Trail in Logan Square.
The $67.5 million first phase of Encuentro Square consisting of two buildings, a four-story structure located at 3759 W. Cortland St. and six-story structure at 1844 N. Ridgeway Ave., would include a mix of one- to three-bedroom units.
Thirty-four of the residential units would be rented to households up to 60% of area median income with the remaining units offered to Chicago Housing Authority (CHA) tenants and supported by project-based vouchers for the next 20 years. Amenities would include community and computer rooms, bike storage space, a children’s room, a lounge, a teaching kitchen, and outdoor terraces. Onsite support services would include early childhood education and comprehensive mental health counseling for children and families.
The complex would be developed as a partnership by Latin United Community Housing Association (LUCHA) and Evergreen Real Estate Services LLC. City assistance would include $26 million in tax-exempt bond financing, $9 million in Tax Increment Financing (TIF), $14.4 million in City loans, $31.7 million in Low Income Housing Tax Credit Equity, and $1.67 million in donations tax credit equity.
Additionally, 24 City-owned vacant parcels, valued at $3.7 million, would be sold for $1 each to support the project.
Future plans for the site include a third affordable apartment building and a public park.
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