CHA Board Approves Loans for New Developments

Lawndale News Chicago's Bilingual Newspaper - Business

Lawndale News Chicago's Bilingual Newspaper - Business

The Chicago Housing Authority Board of Commissioners on Tuesday approved loans for two developments that will expand affordable housing opportunities in North Side communities that include co-located Chicago Public Library (CPL) branches in Irving Park and West Ridge and investment in developments that will expand housing opportunities in neighborhoods across Chicago. The Board approved loans of up to $11 million apiece for the Northtown Apartments, 6800-6824 N. Western Avenue, and the Independence Apartments, 4022-4036 N. Elston Avenue. A total of 44 units, with 30 public housing and 14 affordable units, will be created at each site. “CHA’s mission is to leverage affordable housing to help communities thrive, and this unprecedented partnership with CPL will bring two valuable resources into communities simultaneously,” CHA CEO Eugene Jones, Jr., said. The CHA/CPL developments are designed to revitalize vacant property by combining affordable housing with a community amenity. The residential portion of each project will create mixed-income housing options, while the branch library portions will offer reading resources and programs for area children, families and building residents. The Independence apartments and branch library is being designed by John Ronan Architects and the Northtown Branch apartments and branch library is being designed by Perkins+Will. Both projects are being developed by Evergreen Real Estate Group. The third project is the Roosevelt Branch Library and apartments at 1340 W. Taylor, part of the ongoing redevelopment at Roosevelt Square.

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