Support for New Mixed-income Housing Development in Morgan Park Passes Council

An ordinance authorizing up to $12.5 million in tax-exempt housing bonds to support construction of a new mixed-income residential building in the Morgan Park neighborhood has passed Chicago City Council.

The proposed four-story development will include 35 apartments:

• three studios

• 17 one-bedrooms

• 15 two-bedrooms

Thirty-three units will be income restricted, including 24 units for households earning up to 60% of the Area Median Income (AMI) and nine units for households earning up to 80% of the AMI. Two units will be market-rate live/work apartments.

The bonds will be used to generate 4% Low Income Housing Tax Credits and is projected to generate $9.6 million in equity. The total development cost for Phase I of the project is $54.2 million.

Residential units will be located on floors two through four, with the ground floor consisting of property management offices, resident amenity space, retail space, and the live/work units.