Trending...
- UK Financial Ltd Board of Directors Establishes Official News Distribution Framework and Issues Governance Decision on Official Telegram Channels
- Illinois 45th District Candidate Josh Atkinson Introduces a New Way to Reach Voters
- Contracting Resources Group Receives 2025 HIRE Vets Platinum Medallion Award from the U.S. Department of Labor
CITY COUNCIL APPROVES THE FINAL PHASE OF HENRY HORNER HOMES REDEVELOPMENT
City Council passed a measure today for the issuance of $10 million from the Central/West tax-increment financing (TIF) to develop Westhaven Park IID in the West Loop. As the seventh and final phase in the redevelopment of the former Henry Horner Homes public housing complex, the development will add 96 mixed-income apartments in a 12-story building to the Near West Side. Located adjacent to a brand-new CTA station also currently under development on the Green Line at Damen Ave and will include 4,000 square feet of commercial space, a community room, bike room, business center, and rooftop deck.
There will be 82 one-bedroom units and 14 two-bedroom units, with five for households making 50% area median income (AMI), 55 for housing at 60% of AMI, three for households at 80% AMI, and 33 units for market rate. Thirty-eight (38) units will be leased to CHA residents. Six units will be handicapped accessible, 14 will be adaptable, three will be hearing and visually impaired, and there will be 16 parking spaces.
This is a joint venture of Brinshore-Michaels, and the project owner will be a project-specific entity named WHP-IID, LLC. WHP-IID Manager, LLC will serve as general partner of WHP-IID, LLC with 0.01% interest, and of which there are two members — Brinshore PL, LLC (50%) and Michaels Chicago Holding Company 2, LLC (50%). TRGHT, Inc., an investor entity associated with The Richmond Group, will be a limited partner with 99.99% interest to be admitted at closing.
More on illi News
NEW MEASURE WILL PRESERVE LOW-INCOME HOUSING FOR SENIORS
City Council passed a measure today to issue up to $14 million in Multi-Family Housing Loan Funds to finance the rehabilitation of the Churchview Supportive Living Apartments to preserve 86 studio and one-bedroom apartments for seniors at or below 50% of the area median income (AMI).
The Churchview Supportive Living facility and its sister facility, Churchview Manor, are owned by Greater Southwest Development Corporation (GSDC) and are dedicated to senior residents. A moderate rehabilitation of the existing building is proposed to properly preserve and enhance this existing affordable housing and increase energy efficiency. Much of the proposed scope of work involves replacing existing mechanical equipment, plumbing fixtures, cabinetry and countertops, appliances, floor/wall/ceiling finishes, roofing, masonry repairs, and other exterior improvements.
The total development cost is estimated at approximately $20,000,000 and will be funded with a carryover of $4,000,000 in CDBG funds, a $4,000,000 HOME loan, $500,000 in donation tax credits, and tax-exempt bonds up to $14,000,000.
City Council passed a measure today for the issuance of $10 million from the Central/West tax-increment financing (TIF) to develop Westhaven Park IID in the West Loop. As the seventh and final phase in the redevelopment of the former Henry Horner Homes public housing complex, the development will add 96 mixed-income apartments in a 12-story building to the Near West Side. Located adjacent to a brand-new CTA station also currently under development on the Green Line at Damen Ave and will include 4,000 square feet of commercial space, a community room, bike room, business center, and rooftop deck.
There will be 82 one-bedroom units and 14 two-bedroom units, with five for households making 50% area median income (AMI), 55 for housing at 60% of AMI, three for households at 80% AMI, and 33 units for market rate. Thirty-eight (38) units will be leased to CHA residents. Six units will be handicapped accessible, 14 will be adaptable, three will be hearing and visually impaired, and there will be 16 parking spaces.
This is a joint venture of Brinshore-Michaels, and the project owner will be a project-specific entity named WHP-IID, LLC. WHP-IID Manager, LLC will serve as general partner of WHP-IID, LLC with 0.01% interest, and of which there are two members — Brinshore PL, LLC (50%) and Michaels Chicago Holding Company 2, LLC (50%). TRGHT, Inc., an investor entity associated with The Richmond Group, will be a limited partner with 99.99% interest to be admitted at closing.
More on illi News
- Christy Sports donates $56K in new gear to SOS Outreach to help kids hit the slopes
- "BigPirate" Sets Sail: A New Narrative-Driven Social Casino Adventure
- Digi 995 Unveils New Official Website and Shop, Expanding the Digiverse
- Phinge CEO Ranked #1 Globally by Crunchbase for the Last Week, Will Be in Las Vegas Jan. 4-9, the Week of CES to Discuss Netverse & IPO Coming in 2026
- Women's Everyday Safety Is Changing - The Blue Luna Shows How
NEW MEASURE WILL PRESERVE LOW-INCOME HOUSING FOR SENIORS
City Council passed a measure today to issue up to $14 million in Multi-Family Housing Loan Funds to finance the rehabilitation of the Churchview Supportive Living Apartments to preserve 86 studio and one-bedroom apartments for seniors at or below 50% of the area median income (AMI).
The Churchview Supportive Living facility and its sister facility, Churchview Manor, are owned by Greater Southwest Development Corporation (GSDC) and are dedicated to senior residents. A moderate rehabilitation of the existing building is proposed to properly preserve and enhance this existing affordable housing and increase energy efficiency. Much of the proposed scope of work involves replacing existing mechanical equipment, plumbing fixtures, cabinetry and countertops, appliances, floor/wall/ceiling finishes, roofing, masonry repairs, and other exterior improvements.
The total development cost is estimated at approximately $20,000,000 and will be funded with a carryover of $4,000,000 in CDBG funds, a $4,000,000 HOME loan, $500,000 in donation tax credits, and tax-exempt bonds up to $14,000,000.
0 Comments
Latest on illi News
- AI-Driven Cybersecurity Leader Gains Industry Recognition, Secures $6M Institutional Investment, Builds Momentum Toward $16M Annual Run-Rate Revenue
- TRIO Heating, Air & Plumbing Now Ranks #1 in San Jose
- Milwaukee Job Corps Center Hosts Alumni Day, Calls Alumni to Action on Open Enrollment Campaign
- Kanoa Debuts Gluten-Free Filled Cereals, Delivering Bold Flavor & Better Nutrition for Anytime Snac
- Golden Paper Identifies Global Growth in Packaging Papers and Upgrades Its High-End Production Capacity
- Champagne, Caviar Bumps & Pole Performances — Welcome the New Year Early with HandPicked Social Club
- A New Soul Album: Heart Of Kwanzaa, 7-Day Celebration
- Allegiant Management Group Named 2025 Market Leader in Orlando by PropertyManagement.com
- National Van Lines Delivers Holiday Cheer with Aspire Partnership
- NAFMNP Awarded USDA Cooperative Agreement to Continue MarketLink Program Under FFAB
- Costa Oil - 10 Minute Oil Change Surpasses 70 Locations with Construction of San Antonio, TX Stores — Eyes Growth Via Acquisition or Being Acquired
- LaTerra and Respark Under Contract with AIMCO to Acquire a $455M, 7-Property Chicago Multifamily Portfolio
- Record Revenue, Tax Tailwinds, and AI-Driven Scale: Why Off The Hook YS Inc. Is Emerging as a Standout in the $57 Billion U.S. Marine Market
- VSee Health (N A S D A Q: VSEE) Secures $6.0M At-Market Investment, Accelerates Expansion as Revenues Surge
- Children Rising Appoints Marshelle A. Wilburn as New Executive Director
- STLE Launches Travel Grants Program to Support Tribology and Lubrication Engineering Professionals
- Digi 995: Void Run Pushes the Digiverse Into Its Darkest, Fastest Chapter Yet
- Fairmint CEO Joris Delanoue Elected General Director of the Canton Foundation
- Sleep Basil Mattress Co.'s Debuts New Home Page Showcasing Performance Sleep Solutions for Active Denver Lifestyles
- Bent Danholm Joins The American Dream TV as Central Florida Host