New Affordable Apartment Buildings Planned for North Lawndale
Mayor Lori E. Lightfoot introduced an ordinance to City Council today that would issue up to $20,000,000 in Multi-Family Housing Loan Funds to finance the construction of the Garfield Green Apartments. This project consists of 43 units in one three-story apartment building and 4,500 square feet of commercial space on the ground floor in the North Lawndale area.
Of the 43 units, which include one-, two-, and three-bedroom apartments, 41 are for tenants at 60% of the area median income (AMI) or below, and the remaining two units have rents at 80% of AMI. Tenant amenities include a terrace, exercise and community room on the second floor, rooftop gardening boxes, and centralized laundry rooms.
In addition to the bond funds, it is anticipated that other funding will include an equity bridge loan of $8,745,000 from BMO Harris Bank, City of Chicago MultiFamily Loan funds of $8,255,250; Energy grants totaling $861,000; a deferred developer fee of $500,000; and a maximum of $200,000 in Donation Tax Credits generating approximately $176,000 in equity.
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