The City of Chicago’s Mayor Lori E. Lightfoot and Department of Housing have approved a bond inducement ordinance for a new project at 1801 S. Wabash Avenue in Chicago’s Near South Side.

The project includes the gut rehab of a Single-Room Occupancy (SRO) building, which upon completion will have 80 permanent supportive housing units.

Of the 80 units, 30 will be studios for tenants at 30% of the Area Median Income (AMI) or 50% AMI or below, and 50 will be one-bedrooms with rents at either 50 or 60% AMI.

Resident common areas will include a ground floor community area with kitchen, recreation/fitness area, resident storage room, bike storage and centralized residential laundry room.

In addition to up to $21,000,000 in bond funds, the project is expected to utilize approximately $1,300,000 in 4% Low-Income Housing Tax Credits (LIHTCs); City of Chicago Multi-Family Loan funds of $6,250,000 and an estimated $6,750,000 in Donation Tax Credits generating approximately $6,142,500 in equity.  

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