Three affordable housing projects will be supported through financial measures passed by the City Council today.
“Affordable housing is essential to the diversity that makes Chicago one of the world’s most livable big cities,” Mayor Emanuel said. “We remain committed to the building and preserving of affordable housing citywide.”
Bronzeville Senior Apartments
Preliminary approval for up to $10 million in Housing Revenue Bonds will finance the rehabilitation of Bronzeville Senior Apartments, an existing 97-unit building at 460 E. 41st St. Under the proposal, the City will declare its intent to issue the bonds to help finance the project. A future ordinance will detail the specifics of the bond issuance and any other proposed City assistance. The rehabilitation of the proposed Section 8 property by Bronzeville Associates Senior Apartments LP will include new plumbing, mechanical systems and upgrades to kitchens and bathrooms.
Lakefront Phase II
The City will provide a $5 million loan, $1.3 million in donations tax credits, and fee waivers for the construction of 132 units of multifamily rental housing on the 4000 to 4200 blocks of South Oakenwald and Lake Park avenues. The $51 million development by Lakefront Phase II LLC calls for an 81-unit mid-rise building and 51 units in several three- and six-flat buildings. Additional City financing will include a $3.1 million in low-income housing tax credits.
The City will provide a $1.2 million loan, $415,000 in donations tax credits, and fee waivers to facilitate the acquisition and rehabilitation of a four-story building at 4836-38 N. Sheridan Road as permanent supportive housing for chronically homeless persons with mental illness. The rehabilitation would include new windows, doors, flooring, and appliances for 10 studio apartments. The developer, Sarah’s Circle Inc., a nonprofit supportive housing provider, would offer case management, job readiness programs, substance abuse counseling, and mental health services on site by a 12-person staff. Funding sources also would include HUD, the Illinois Housing Development Authority and a private mortgage loan. The total project cost would be $3.9 million.
# # #
Open Space Improvements Approved on South, Near West and Northwest Sides
Two new school gardens, a new park and a pair of park improvement projects will be made possible through financial measures approved by City Council today.
“Parks and open spaces provide comfortable places for recreation and relaxation,” Mayor Emanuel said. “The City must leverage all of its financial resources to ensure they continue to meet the needs of nearby residents, students, and other visitors.”
Miles Davis and Evergreen School Gardens
The school gardens will be financed with $377,000 in Open Space Impact Fees. The fees will pay for approximately $62,000 in design, landscaping and perimeter fencing costs at Miles David Academy, 6730 S. Paulina Ave., and $315,000 in benches, growing beds and other amenities at Evergreen Academy, 3537 S. Paulina Ave. The gardens at both schools will be maintained by students, teachers and nearby residents. Open Space Impact Fees help expand and improve park spaces in each of the City’s 77 community areas.
Park No. 556
Open Space Impact Fees will also help finance a new, half-acre park at 2529 W. Logan Blvd. The $353,000 in funding will be used by the Chicago Park District to acquire the land and add trees, landscaping, and a dog-friendly area.
Rutherford Sayre Park
Tax Increment Financing (TIF) assistance in the amount of $1.1 million will support a variety of improvements at Rutherford Sayre Park, 6871 W. Belden Ave. The park’s fieldhouse will receive ADA-access upgrades and a new boiler; the tennis courts will be resurfaced; walkways will be repaired; and new exterior lighting will be installed.
$525,000 in TIF assistance and $250,000 in Open Space Impact Fees will help convert a vacant lot at 1358 W. Monroe St. into a .40-acre dog-friendly extension of Skinner Park, located across the street. The funding will pay for soil improvements, fencing, and other features that cater to dogs and their owners.
# # #
Special Needs Schools Approved for South Side
A project approved by City Council today will lead to the development of a South Side facility that caters to special needs students.
“The City and its private partners are working to create a brighter future for our youth by making sure they have the tools and opportunities they need to succeed,” Mayor Emanuel said.
Chicago Foundation for Emotionally Disturbed Children
Two schools that offer specialized education would relocate into a new building in the Woodlawn community through a City-owned land sale.
The University of Chicago Foundation for Emotionally Disturbed Children would purchase 13 City-owned parcels along the 900 block of East 63rd Street for $383,000. The land would be used to construct a new, 72,000-square-foot educational complex for the foundation’s two affiliated schools: the Sonia Shankman Orthogenic School, a residential treatment center for youth with emotional disorders; and the Hyde Park Day School, an elementary school for children with learning disabilities.
The $28 million development would employ 148 people. The proposed purchase price of the land is $500,000 less than its appraised value.
# # #