New 64-Unit Affordable Development Approved for the West Side
Today, City Council approved a measure allowing the issuance of up to $6.9 million in Multi-Family Housing Loan Funds or Grant Funds to finance the construction of a new, mixed-use building at 1201 N California Ave project. The 9-story new building will include 64 units and over 3,000 square feet of retail space. All rented residential units will be for households at or below 60% of the area median income (AMI).
This deal is being awarded 4% tax credits to finance 32 units, and 9% tax credits will finance the remaining 32 units. In addition, the Chicago Housing Authority (CHA) has awarded 31 project-based vouchers. The development will provide affordable housing for Humboldt Park residents for a minimum of 30 years, produce approximately 75 temporary construction jobs and ten permanent jobs, and exceed the City energy code standards.
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