Financial measures approved today by City Council will support the development of a 98-unit affordable apartment building for seniors and families at 5525 W. Diversey Ave. in Belmont Cragin.

The $20.6 million Diversey Manor Apartments by Metropolitan Housing Development Corp. will include a mix of studio and one-bedroom units as well as laundry facilities, a community room and offices. Fifty three of the units will be leased to residents earning up to 60 percent of area median income. The remainder will be provided to tenants receiving rental assistance from the Chicago Housing Authority (CHA).

City financial assistance will include a $12 million bond issue to bridge financing during construction and $712,000 in Low Income Housing Tax credits that will generate $7 million in equity for the project.

The 0.86-acre development site is currently occupied by a vacant drive-thru banking facility. The developer will demolish the bank building to construct the four-story complex.

Project financing also includes a $9.3 million CHA loan and a $4.2 million bank loan.

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