Chicago Department of Housing Announces First Developments to Receive New Bond Proceeds
Mayor Brandon Johnson’s innovative Housing and Economic Development bond (HED) delivers on its promise to allocate funds to the construction and preservation of affordable housing
The Chicago Department of Housing (DOH) is pleased to announce the first two developments receiving financing from Mayor Brandon Johnson’s HED bond.
In a strategic approach to funding housing, Mayor Johnson pledged to allocate $230-250 million for the construction and preservation of affordable rental homes.
The first development, CARE Manor, located in West Garfield Park, will be a new construction at 4531 W Washington Blvd. It features a three-level walk up building. Additionally, the building will consist of (1) one-bedroom, (29) two-bedrooms, and (14) three-bedroom units for a total of 44 units once completed. All units shall be targeted to households at or below 60% AMI.
Amenities include on-site laundry, 21 parking spaces, and 50% of the units will be accessible to individuals with physical disabilities. Located in the Madison-Austin Corridor TIF district, the total development costs are expected to be $31.6 million, with $9.6 million in HED funds.
“The bond has been instrumental in filling critical budget gaps for our pipeline of developments,” said Housing Commissioner Lissette Castañeda. “With the bond, DOH can maintain financial flexibility, ensuring we are on track to providing affordable, safe housing to all 77 community areas of Chicago.”
The second development, named Prairie District and located in Near South Side, features the complete rehabilitation of a six-story SRO building. The property, sitting at 1801 S Wabash, will contain 100 affordable rental units. Of the units, 97 will rent to individuals at 30-60% of the Average Median Income (AMI). The remaining 3 units will be at 80% AMI.
Amenity spaces 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 that require support in areas such as career development and counseling. Special resources include program referral offices, resident services, and computer skill training.
The rehabbed units will be 416 sq. ft, with improved kitchens, full bathrooms, and AC. Anticipated total development costs reside at $54.9 million, with $10.9 million coming from the HED bond.