Next Phase of ABLA Homes Redevelopment Planned for Near West Side
City Council passed a measure today that authorizes the issuance of up to $87,000,000 in multi-family mortgage revenue bonds for the next phase of the Roosevelt Square-ABLA Homes redevelopment. Today’s passage also authorizes the execution of a TIF Redevelopment Agreement with RS Affordable I LL, authorizes the City to transfer Illinois Affordable Housing Tax Credit (Donation Tax Credits), and authorizes the conveyance of City-owned parcel(s) located at approximately 1221 to 1259 West Roosevelt Road to the Chicago Housing Authority (CHA), its designee, or the developer for the benefit of the project known as Roosevelt Square 3B, and designate RS Affordable I LLC as a TIF developer.
Related Midwest was chosen as the master developer for the Roosevelt Square-ABLA Homes redevelopment through a Chicago Housing Authority (CHA) Request for Qualification. As part of the CHA’s Plan Forward, Roosevelt Square-ABLA Homes was to produce 2,441 units of mixed-income housing, and approximately 75,000 square feet of retail/commercial space, in six phases on the near west side in the Roosevelt/Racine Tax Increment Financing Redevelopment area. To date, 664 homes have been developed, mixed between rental and for-sale, 30,000 square feet of retail, a 15,000 square foot library, and over two miles of new streets.
This development phase will produce three newly constructed buildings with 207 mixed income rental units, rehabilitation of the housing museum with 15 mixed-income rental units in the northern portion of the building, and the renovated museum in the southern part, tenant and community amenity, and green spaces, off-street parking. Today’s measure also authorizes the conveyance of city-owned parcel(s) located at approximately 1221 to 1259 West Roosevelt Road to the Chicago Housing Authority, its designee, or the developer, under Resolution 06-CDC-76 adopted by the Community Development Commission of the City of Chicago on September 12, 2006, and the rehabilitation of 184 CHA and affordable rental units from phase I.
Total development costs are approximately $153,968,815. In addition to the use of taxexempt bonds and the 4% tax credit equity generated from the bonds (approximately $43,069,000), other funding will consist of $17 million in TIF to be ported from the Western-Ogden TIF Redevelopment area, approximately $35.5 million in new and assumed Chicago Housing Authority (CHA) funding, a first mortgage of approximately $45 million, equity from Illinois Affordable Housing Tax Credits (Donation Tax Credits) of approximately $2.25 million, generated from the value of the land, a deferred developer fee of approximately $5 million and approximately $1 million in transferred reserves from the current Roosevelt Square phase one buildings.
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