The Chicago City Council has approved funding, the sale of City-owned land, and the designation of The Ave SW, LLC as developer for the construction of a four-story, multi-family housing development in Chicago’s Humboldt Park neighborhood.

The ordinance approved up to $25,000,000 in Tax Exempt Bonds, $20,015,000 in (Chicago and Central Park) Tax-Increment Financing (TIF), and $4,200,000 in Chicago Recovery Funds.

Involving the construction of two sites on City-owned land in Humboldt Park, the development will include 52 units, ranging from one-to-three-bedrooms. 100% of the units are planned to be affordable, with the Area Median Income (AMI) ranging from 30 to 60%, and 11 will be accessible. Onsite parking is included, with 29 parking spaces in an enclosed garage with a loading area.

Also incorporated are common areas with free Wi-Fi, bike storage, a package room, and a laundry facility on each residential floor. Building security will be provided through a controlled buzzer entry system, with additional cameras at entrances. Neighborhood Housing Services (NHS) is set to operate the community space and offer homeownership programs and education. The developer also offered a 1600-square-foot commercial space but currently has no letter of interest for this space.