$14M Affordable Rent Project Gets Boosts

CHICAGO-Tax increment financing, low-income housing tax credits and city HOME funds are being used to build 48 multifamily rental units in Humboldt Park aimed at being affordable to families earning less than 50% of the area’s median income. The $14-million project, being built on 1.28 acres roughly along Huron Street between Albany Avenue and Troy Street, is expected to be ready for occupancy by the end of 2004.

Erie Cooperative Limited Partnership, an entity formed by multifamily developer and owner Bickerdike Rededvelopment, is getting a $223,411 land write-down in addition to $1 million in tax increment financing. Another $5.8 million is expected to come from low-income housing tax credits and city HOME funds.