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$13M Affordable Housing Units Open

CHICAGO-The 156-unit multifamily rental project at 84th Street and Parnell Avenue was heavily financed by city and state programs aimed at creating affordable housing. Meanwhile, a development for foster parents and children is slated nearby.

By Mark Ruda | Updated on September 13, 2002

CHICAGO-The 156-unit Stone Terrace Apartments have opened at 84th Street and Parnell Avenue on the city’s South Side, not far from where another novel 70-unit duplex and townhouse development is proposed. The Stone Terrace project is a rehabilitation of 10 multifamily buildings for low-income families while SOS Children’s Village in the 500 blocks of W. 76th and 78th Streets would be new construction for foster parents and adopted children.

The $13-million Stone Terrace project was financed by $6.325 million in tax-exempt bonds and a $4.1-million no-interest loan from the city, along with a $750,000 low-interest loan from the Illinois Housing Development Authority. Additionally, the Chicago Equity Fund put up $1.3 million in equity.

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