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$43-Mil Senior Housing Project Underway

CHICAGO-A six-story, 153-unit building at 6650 W. Belden Ave. next to Shriners Hospital is under construction. Work on a seven-story, 180-unit building starts later this year. Units will be affordable to those 55 years and older.

By Mark Ruda | Updated on June 19, 2001

CHICAGO-A $43-million, 333-unit multifamily project that will provide affordable housing for senior citizens is under construction in the Belmont-Cragin neighborhood on the city’s Northwest Side. A six-story, 153-unit building is expected to be ready for occupancy before the end of the year, before construction begins on a seven-story, 180-unit building that will be ready by the fall of 2002.

MR Properties, LLC, which has done $360 million in commercial development in the market, is developing the Montclare Senior Residences, which also will include a community center and outdoor recreation center. Financing has come from city and state programs, including the Illinois Housing Development Authority’s Affordable Housing Trust Fund, city of Chicago tax-exempt bonds, Home Funds and tax increment financing. Apollo Housing Capital LLC is providing equity financing.

The Montclare Senior Residences will be available to those at least 55 years old earning less than $29,500, or $33,500 for couples. Rents will start at $575 a month for one-bedroom apartments and $875 for two-bedroom units.

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