New 100% Affordable Housing Development Planned for North Lawndale
City Council passed a measure today introduced by Mayor Lori E. Lightfoot that would authorize the issuance of up to $20 million in Multi-Family Housing Revenue Bonds, $5.5 million in TIF funding, a negotiated sale of seven City-owned parcels, up to $9.2 million in Multi-Family Loan Funds, and approximately $160,000 in Donation Tax Credits to finance the construction of Grace Manor Apartments in North Lawndale. In addition to the bond funds, other funding will include an equity bridge loan of approximately $13M from Merchants Capital.
The new six-story building will feature a ground floor devoted to residential amenities, retail and community space, and space for job training and wealth-building classes. The second through sixth floors will include 65 affordable housing units with a unit mix of 31 one-bedrooms and 34 two-bedrooms and a sixth-floor rooftop deck.
Grace Manor Apartments is a partnership between East Lake ad Grace at Jerusalem CDC. East Lake has an extensive track record of developing residential properties, commercial and office buildings, and mixed-use developments. Previous projects with City funding include Roosevelt Towers I, a 126-unit affordable building that received a Multi-Family Loan and Low-Income Housing Tax Credits in 2004, and Lawndale Plaza, two affordable buildings comprising 198 units on the 3100 block of W. Roosevelt Road. Grace CDC is related to the Grace Memorial Baptist Church in North Lawndale, where Rev. Marvin Hunter serves as Senior Pastor. Grace Manor is Grace CDC’s first project with the City of Chicago.
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