Amended Financing Approved for Single-room Occupancy Building Rehab

On September 18, 2024, the City Council passed an initial ordinance to fund a Single-Room Occupancy (SRO) building renovation. Funding was expected from other entities, but due to new obligations that arose, that financial support was withdrawn. This ordinance fills that gap.

This project includes the gut rehab of an SRO building which upon completion will have 100 permanent supportive housing studios. Of the 100 studios, 20 will studios for tenants at 30% Area Median Income (AMI) or below; 60 at 50% AMI or below, 17 at 60% AMI or below; and 3 at 80% AMI. Resident common areas 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 $25,000,000 in bond funds, the project will utilize approximately $1,681,735 in 4% Low-Income Housing Tax Credits; City of Chicago Multi-Family Loan funds of $14,872,344, $2,000,000 in Congressional Earmark funds from HUD and an estimated $7,225,000 in Donation Tax Credits generating approximately $6,647,000 in equity.