Financial measures introduced today to City Council by Mayor Lori E. Lightfoot and the Department of Housing authorize the issuance of up to $16,000,000 in Tax-Exempt housing revenue bonds for the benefit of DL3 Thrive Exchange LIHTC South, LLC to finance the acquisition and construction of Thrive Exchange South project.

Thrive Exchange South includes the new construction of a six-story mid-rise building located at the southwest corner of 79th Street and Exchange Avenue in the South Shore community.

Thrive Exchange South will provide 43 units of affordable units, feature approximately 2,760 square feet of retail space, which will be occupied by local small businesses, and provide permanent on-site office space for NHS Chicago. Project amenities include a community room, on-site management office, laundry facilities, workout room, bike storage, and parking.

The development will be financed through various sources, with up to $16,000,000 of tax-exempt housing revenue bonds being issued by the City of Chicago. The bonds will automatically generate 4% Low Income Housing Tax Credits (LIHTC) and raise at least $11,558,933 equity for the benefit of the transaction. The equity payments will be funded from construction to completion and finally occupancy.

Other funding will consist of a private loan, TIF from Avalon Park/South Shore area and yet to-be-determined loan or grant funds from the City of Chicago; as well as grants from ComEd, GP Equity, and a deferred developer fee.

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