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CHICAGO-Hispanic Housing Development Corp. has a date next month with the Illinois Housing Development Authority, when it hopes to obtain one more piece of financing needed for a $23-million affordable and senior housing project in the 2600 block of W. North Avenue. Plans to build 56 affordable rental units for senior citizens as well as renovate a four-story warehouse to create 27 more affordable units were endorsed Thursday by the plan commission.
In addition to more than $2.4 million in tax increment financing as well as money from the city's department of housing, Hispanic Housing Development hopes to use low-income housing tax credits to finance about 65% of the cost of the project, according to vice president of development Mark Kruse.
Hispanic Housing Development is not using money from the city's affordable housing fund, however, as its plans have been in the works before the pool of money was created, an attorney for the group says.
Nonetheless, gentrification of the Humboldt Park area has increased the need for affordable housing. "This neighborhood has undergone an amazing transition," says 1st Ward Alderman Manuel Flores. "It highlights and emphasizes why we need this type of housing here. You're not only providing affordable housing, but also senior housing."
The affordable units are being built on five parcels totaling 1.1 acres. The warehouse at 2646-54 W. North Ave., which has been described as "a hotel occupied by pigeons," will be preserved and renovated. The new construction will be added to lots from 2634-44 W. North Ave. Hispanic Housing Development has spent $2.6 million to acquire most of the sites it needs for the project, according to property records.
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