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Senior, Affordable Housing Plan Wins Endorsement

CHICAGO-With a favorable plan commission recommendation in hand, Hispanic Housing Development Corp. goes to the Illinois Housing Development Authority next month, hoping to land low-income housing tax credits to finance the bulk of its $23-million project in Humboldt Park.

By Mark Ruda | Updated on November 18, 2005

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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.

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