The plan also includes 481 senior housing units, including the $10.4-million Senior Suites of Rainbow Beach at 2804 E. 77th Pl. in the city's South Shore neighborhood.
The city will contribute $116 million through low-income housing tax credits, a $54-million loan and $6 million in tax increment financing. "These new resources are critical at a time when public funds are limited, but the need for new housing is great," says Mayor Richard M. Daley.
The CHA multifamily developments include the $42-million, 190-unit Robert Taylor Homes Phase A-1; $37.8-million, 184-unit Roosevelt Square Phase I developed by LR Development and Heartland Housing; the $36-million, 162-unit Madden Wells Phase IB developed by the Community Builders; and the $23.6-million, 94-unit North Town Park Phase I developed by Holsten Real Estate Development Corp. and Cabrini LAC.
The largest senior developments to get funding are the $19-million, 149-unit Montclare Senior Residences of Avalon Park developed by MR Properties and the $15.5-million Lincoln Village Senior Apartments developed by Perlmark Realty Corp.
Other projects include the $14.8-million, 58-unit La Estancia mixed-use development by Bickerdike Redevelopment Corp. and the $13.8-million, 66-unit Liberty Square Apartments developed by HICA and Bonheur Development Corp. The largest of four single-resident-occupancy projects is the $9.2-million, 100-unit Near North SRO by Lakefront Supportive Housing.
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