Eighty new rental units will be constructed in the Douglas Community Area thanks to an ordinance passed by City Council today. The ordinance authorizes the issuance of up to $24 million in Tax-Exempt Bonds, negotiation of a Tax Increment Financing funded Redevelopment Agreement (TIF RDA) for $6 million; the designation of Park Boulevard 3B, LLC, Stateway Associates, LLC, and its affiliates as a developer at Park Boulevard 3B.

Park Boulevard 3B will consist of two, new five-story buildings, each containing 40 rental units, and is the fifth sub-phase of the redevelopment of the Chicago Housing Authority’s (CHA) Stateway Gardens public housing development. Sixty-eight of the units will be affordable to households at or below 60% of area median income (AMI) and 12 of the units will be market-rate. Park Boulevard 3B will feature four studio units, 24 one-bedroom units, 50 two-bedroom units, and two three-bedroom units.

The CHA will enter into a Housing Assistance Payments (HAP) contract with the developer for the replacement of 36 CHA units where affordability will be maintained for at least 40 years. Total project costs are $43,032,951.

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