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CHICAGO ~ Chicago Mayor Brandon Johnson and the Chicago Department of Housing (DOH) have announced the first two developments to receive financing from the HED bond. This strategic approach to funding housing is part of Mayor Johnson's pledge to allocate $230-250 million for the construction and preservation of affordable rental homes.
Mayor Johnson stated, "We're taking bold steps to address the housing crisis by investing in developments that will bring more affordable homes to communities across Chicago. These projects are a testament to our commitment to ensuring every resident has a safe, affordable place to call home, while fostering inclusive growth in our neighborhoods."
The first development, CARE Manor, will be located in West Garfield Park at 4531 W Washington Blvd. It will be a new construction featuring a three-level walk-up building with (1) one-bedroom, (29) two-bedroom, and (14) three-bedroom units for a total of 44 units once completed. All units will be targeted towards households at or below 60% of the Average Median Income (AMI).
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Amenities at CARE Manor will include on-site laundry, 21 parking spaces, and 50% of the units being accessible for individuals with physical disabilities. The development is located in the Madison-Austin Corridor TIF district and is expected to cost $31.6 million, with $9.6 million coming from HED funds.
The second development, Prairie District, is located in Near South Side and will feature the complete rehabilitation of a six-story SRO building at 1801 S Wabash. The property will contain 100 affordable rental units with 97 units renting to individuals at 30-60% AMI and the remaining three units at 80% AMI.
Amenities at Prairie District include a private outdoor landscaped courtyard with seating, an activity room, a recreation area with a kitchenette, a fitness room, laundry room and more. The development is also intended to be Permanent Supportive Housing (PSH) for individuals who require support in areas such as career development and counseling. Special resources will include program referral offices, resident services, and computer skill training.
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The rehabbed units at Prairie District will be 416 sq. ft with improved kitchens, full bathrooms, and air conditioning. The total development costs are estimated at $54.9 million, with $10.9 million coming from the HED bond.
Department of Housing Commissioner Lissette Castañeda expressed her pride in the development, stating, "We are so very proud of this project. Ensuring that Chicagoans have equitable access to transit exists in tandem with our mission of providing safe, healthy housing. That we could provide $7.1 million in financial support for this project in addition to increasing housing options for victims of gender-based violence while ensuring affordability just means that the diligent work of our team at DOH is paying off."
These two developments are a significant step towards addressing the housing crisis in Chicago and providing affordable housing options for its residents. With the support of Mayor Johnson and the DOH, these projects will not only provide safe and affordable homes but also contribute to inclusive growth in communities across the city.
Mayor Johnson stated, "We're taking bold steps to address the housing crisis by investing in developments that will bring more affordable homes to communities across Chicago. These projects are a testament to our commitment to ensuring every resident has a safe, affordable place to call home, while fostering inclusive growth in our neighborhoods."
The first development, CARE Manor, will be located in West Garfield Park at 4531 W Washington Blvd. It will be a new construction featuring a three-level walk-up building with (1) one-bedroom, (29) two-bedroom, and (14) three-bedroom units for a total of 44 units once completed. All units will be targeted towards households at or below 60% of the Average Median Income (AMI).
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Amenities at CARE Manor will include on-site laundry, 21 parking spaces, and 50% of the units being accessible for individuals with physical disabilities. The development is located in the Madison-Austin Corridor TIF district and is expected to cost $31.6 million, with $9.6 million coming from HED funds.
The second development, Prairie District, is located in Near South Side and will feature the complete rehabilitation of a six-story SRO building at 1801 S Wabash. The property will contain 100 affordable rental units with 97 units renting to individuals at 30-60% AMI and the remaining three units at 80% AMI.
Amenities at Prairie District include a private outdoor landscaped courtyard with seating, an activity room, a recreation area with a kitchenette, a fitness room, laundry room and more. The development is also intended to be Permanent Supportive Housing (PSH) for individuals who require support in areas such as career development and counseling. Special resources will include program referral offices, resident services, and computer skill training.
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The rehabbed units at Prairie District will be 416 sq. ft with improved kitchens, full bathrooms, and air conditioning. The total development costs are estimated at $54.9 million, with $10.9 million coming from the HED bond.
Department of Housing Commissioner Lissette Castañeda expressed her pride in the development, stating, "We are so very proud of this project. Ensuring that Chicagoans have equitable access to transit exists in tandem with our mission of providing safe, healthy housing. That we could provide $7.1 million in financial support for this project in addition to increasing housing options for victims of gender-based violence while ensuring affordability just means that the diligent work of our team at DOH is paying off."
These two developments are a significant step towards addressing the housing crisis in Chicago and providing affordable housing options for its residents. With the support of Mayor Johnson and the DOH, these projects will not only provide safe and affordable homes but also contribute to inclusive growth in communities across the city.
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