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0% Interest Financing Artists' Building

CHICAGO-Developers of a proposed 24-unit building at Madison Street and Homan Avenue line up $1.6 million in no-interest, 32-year mortgage financing in addition to historic rehab and low-interest housing tax credits.

By Mark Ruda | Updated on February 25, 2002

CHICAGO-A Minnesota not-for-profit developer is receiving nearly $1.6 million in 32-year, no-interest loans to build a 24-unit multifamily rental project on the West Side aimed at artists. The city also is selling land at Madison St. and Homan Ave. for $1 to Artspace Chicago Limited Partnership for the project, which will include one-, two- and three-bedroom apartments.

In addition, the project is eligible for $2.76 million in Low-Income Housing Tax Credits and well as a $678,690 historical rehab tax credit, according to an ordinance being considered by the city council.

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