Over 8,200 Affordable Housing Units Created, Preserved or Supported in 2014; Part of Mayor Emanuel’s 5-Year housing Plan to Create, Preserve, and Rehab 41,000 Housing Units Across the City of Chicago
CHICAGO–(ENEWSPF)–November 14, 2014. Mayor Rahm Emanuel, Alderman Ray Suarez and Hispanic Housing Development Corporation (HHDC) today broke ground on the redevelopment of the Cicero and George Elderly Apartments as a new affordable rental housing building for seniors in the Belmont-Cragin neighborhood in Chicago. With this new development, the City is roughly one-fifth of the way towards meeting Mayor Emanuel’s goal of creating, preserving, and rehabilitating more than 41,000 units of affordable housing. In 2014 alone, the City has committed over $264 million to create, preserve, or support almost 8,236 units of affordable housing. This $21.6 million redevelopment project will provide an additional 70 units for low-income seniors with the opportunity to live in a sustainable area with environmental green amenities and an exercise room to ensure that residents have an enhanced quality of life.
“Whether it is our seniors, our veterans, or our children and families, our values in the City of Chicago are that every resident deserves a roof over their head and an affordable place to call home,” said Mayor Emanuel.
The six-story 75,000 square-foot complex will include a mix of studio, one- and two-bedroom units as well as a fitness center, atrium, terrace and community garden. Sixty-one of the 70 units will be available for seniors whose incomes range between 30 to 60 percent of the area median income, while eight units will be provided to seniors at or below 80 percent of the area median income. One unit will be set aside for the maintenance employee’s apartment.
“This development is a great new addition to the community and I applaud the Mayor for his ongoing commitment to providing all Chicago residents with affordable housing options,” said Alderman Ray Suarez. “I’m also excited that this development will provide residents with eco-friendly on-site amenities that will keep them safe and healthy for years to come.”
The City provided assistance through a $4.9 million loan and $1.2 million in Low Income Housing Tax Credits that will generate $11.8 million in equity for the project. Additional funding sources will include state and federal grants.
“Thankful for the opportunity to work in collaboration with the City of Chicago and all of our partners to provide high – quality housing,” said Paul Roldan, President & CEO of Hispanic Housing Development Corporation.
The new development will be in proximity to City of Chicago’s Department of Aging satellite senior center, which includes a massage therapy room, computer lab and a fitness center. The new redeveloped Cicero and George Elderly Apartments will includes a water retention system and energy star appliances, an exercise room, terrace, and a laundry facility and will be easily accessible to public transportation along with numerous shopping and business districts.
The redevelopment of the Cicero and George Elderly Apartments builds on HHDC’s history of providing more than $384 million in development in 51 distinct projects across Chicago.
Today’s announcement is the latest to come out of the Mayor’s Five Year Housing Plan to commit $1.3 billion in public and private funds to build, rehabilitate, or preserve 41,000 units of affordable housing within five years. Earlier this year, Mayor Emanuel, Attorney General Lisa Madigan, and Jack Markowski of the Community Investment Corporation (CIC) announced the launch of a $26 million loan pool to make financing available to rehab and preserve groups of one- to four-unit buildings as affordable rental housing. The Mayor also launched the Large Lot Program in March 2014, which offers City-owned vacant lots to local residents, block clubs, and community organizations for $1 and has already resulted in the transfer of more than 300 lots.