A bond inducement ordinance for up to $19.5 million in tax-exempt housing bonds passed City Council today to support the rehabilitation of the Homan Square Apartments Phase IV development in North Lawndale. 

Located across six existing three-story walk-up buildings, the 107-unit affordable rental community includes 72 two-bedroom and 35 three-bedroom units. All apartments will be preserved as affordable for households earning up to 60% of the Area Median Income (AMI). The proposed bond inducement is a required statement of intent and does not guarantee that bonds will be issued. A final commitment to issue bonds would come in a future ordinance.  

The project is being led by Homan Square Apartments Phase IV LP, a single-asset limited partnership managed by the Illinois Facilities Fund (IFF), with affiliated entities of the Foundation for Homan Square (FHS) holding partnership interests and supporting development oversight.