New Development Would Create 58 New Affordable Units in Auburn Gresham
City Council today passed an ordinance that authorizes the issuance of up to $20,000,000 in Tax-Exempt housing revenue bonds to Evergreen Imagine JV LLC to develop the Auburn Gresham Apartments located at 834-858 W 79th Street. The Auburn Gresham Apartments is the first INVEST South/West project to advance to the DOH application stage. The development will create 58 new construction units and will generate up to 17 new permanent jobs and 100 temporary construction jobs.
Development costs will total roughly $36.7million. In addition to the use of tax-exempt bonds and the 4% tax credit equity generated from the bonds, other funding will consist of City of Chicago multi-family loan funds, TIF funds, a first mortgage, a seller note, funding from ComEd, a deferred developer fee, and Donation Tax credits generated from the donation of City-owned land. Before full financing approval, the project will require a rezoning (anticipated February 2022),0 CDC approval for the land sale and TIF assistance (anticipated March 2022), and TIC approval (anticipated January 2022). Plan Commission approval is required for the City land sale.
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