Financial measures introduced to City Council today by Mayor Lori E. Lightfoot will support the construction of a 63-unit Equitable Transit-Oriented Development (eTOD) in Chicago’s Lincoln Square neighborhood at 4715 N. Western Avenue.

The mixed-used project will be affordable to tenants earning no more than 80% of the Area Median Income (AMI), and an average income of 60% AMI. The project will include 36 parking spaces, with 18 reserved for residents of the building, and approximately 5,801 square feet of retail space. 

The City has authorized up to $12 million in TIF and approximately $12 million in multi-family loans and/or grant funds, including Chicago Recovery Program (CRP) Funds designated for supportive and affordable housing. In addition, the City has designated $1.56 million in 9% LIHTCs, which are expected to generate roughly $14.6 million in equity for the project, and $2.46 million in Donation Tax Credits, which are expected to generate another roughly $2.24 million in equity for the project.

Additional sources include a $4 million first mortgage, a $142,415 Com Ed grant, and $356,392 in deferred developer fees.  If at least $10 million in TIF funds are not able to be utilized by the project prior to the December 31, 2024 expiration of the Western Avenue TIF District, the City will provide up to $5 million in alternate funding in lieu of the TIF funds. 

The project is being developed by The Community Builders and is expected to break ground on June 1, 2023.

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