Financial measures introduced to City Council today by Mayor Lori E. Lightfoot would support the development of an 89-unit affordable apartments at the western edge of the 606 Trail in Logan Square.

The $67.5 million first phase of Encuentro Square consisting of two buildings, a four-story structure located at 3759 W. Cortland St. and six-story structure at 1844 N. Ridgeway Ave., would include a mix of one- to three-bedroom units.

Thirty-four of the residential units would be rented to households up to 60% of area median income with the remaining units offered to Chicago Housing Authority (CHA) tenants and supported by project-based vouchers for the next 20 years. Amenities would include community and computer rooms, bike storage space, a children’s room, a lounge, a teaching kitchen, and outdoor terraces. Onsite support services would include early childhood education and comprehensive mental health counseling for children and families.

The complex would be developed as a partnership by Latin United Community Housing Association (LUCHA) and Evergreen Real Estate Services LLC. City assistance would include $26 million in tax-exempt bond financing, $9 million in Tax Increment Financing (TIF), $14.4 million in City loans, $31.7 million in Low Income Housing Tax Credit Equity, and $1.67 million in donations tax credit equity.

Additionally, 24 City-owned vacant parcels, valued at $3.7 million, would be sold for $1 each to support the project.

Future plans for the site include a third affordable apartment building and a public park. 

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