Chicago Issues $5.9 Million for Permanent Supportive Housing in Bronzeville
The newly rehabilitated building will offer 100 units at 30% AMI and one unit at 60% AMI
Mayor Lori E. Lightfoot and the Chicago Department of Housing have approved an ordinance to issue up to $5,313,737 in TIF financing and $600,000 in Multi-Family Loan financing to support the rehabilitation of The Renaissance Apartments located at 3757 S. Wabash.
The Renaissance Apartments is a permanent supportive housing facility in Chicago’s Bronzeville area with 101 Project-Based Section 8 SRO units and 20,000 square feet of recreational/office space. 100 of the 101 units have rents at 30% of the Area Median Income (AMI) and the manager’s unit is at 60% AMI.
To maintain viability of the building, The Renaissance Collaborative (TRC) has sought assistance from HUD that would transfer the Mod Rehab Section 8 units into RAD-2 Section 8 housing units, allowing affordability to be extended another 20 years.
Other project financing includes up to $2,500,000 from the Chicago Community Loan Fund and $899,900 grant from the Federal Home Loan Bank. The estimated total project costs are $14,559,443.
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