New Affordable Housing Project Coming to North Lawndale
- Mar 01, 2016
Chicago—Mayor Rahm Emanuel, together with 24th Ward Ald. Michael Scott Jr. and North Lawndale seniors and community leaders, recently celebrated the groundbreaking of a new affordable supportive-living community in West Side Chicago.
Located at 4339-47 W. 18th Place, Montclare Senior Residences will include a mix of studios and one-bedroom apartments, with amenities including: activity rooms, wellness center, beauty shop, laundry room, outdoor patio, landscaped courtyard and onsite parking. The community is designed by Worn Jerabek Wiltse Architects P.C.
The $27.6 million development is supported by $2 million in Tax Increment Financing assistance from the City of Chicago, $10.2 million in Low Income Housing Tax Credits, a $3 million loan, and the $1 sale of city-owned land. The U.S. Department of Housing and Urban Development (HUD) financed the 108-unit development through an insured mortgage worth $12.3 million.
“This development is of incredible importance to HUD as we seek to increase the nation’s affordable housing stock; It creates about 60 new jobs while affording seniors the opportunity to reside in a less costly and less restrictive setting in keeping with the spirit of the U.S. Supreme Court Olmstead decision,” HUD Midwest Regional Administrator Antonio Riley said in a statement.
Of the total 120 units at Montclare Senior Residences, 108 will be reserved for senior earning up to 60 percent of the area’s median income, while the remaining 12 units will be leased at market rates.
The five-story community developed by MR Properties LLC is an integral part of the city of Chicago’s Five-Year Housing Plan, intended to commit $1.3 billion in funds to build, rehabilitate or preserve 41,000 affordable housing units by late 2018.
City officials have invested in a number of projects to revitalize the North Lawndale neighborhood over the last few years, including the new UCAN 7-acre campus for abused and at-risk youth, and the Sterling Park Apartments and Homan Square affordable housing developments.
Image courtesy of Joseph J. Duffy Co.