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CHICAGO-Four developers planning to build 457 affordable housing units, plus renovate another 420, are in line to get $79 million in city-backed financing. Most of the work will occur on the South Side, but a 53-unit building is planned for North Lawndale.
Charles A. Beckett Associates LP could receive $25 million in housing revenue bonds to help buy and rehab the 420-unit Paul G. Stewart Apartment complex at 400 E. 41st St. Work could begin this fall on the building for low-income senior citizens.
Interfaith Housing Development Corp. is expected to receive $24 million for three projects. The 54-unit Coppin House in the Washington Park community and the 53-unit Sankofa House in North Lawndale will offer housing for wards of the state as well as grandparents raising foster children. Five buildings in West Englewood will include 52 units for homeless families with special needs.
A 149-unit building at 5717 S. Ashland Ave. as well as a 149-unit building at 600 E. 63rd St. will offer supportive living for senior citizens. The city intends to issue $15 million in housing revenue bonds for Monroe Property II, LLC to build in Englewood and another $15 million for 87th Street Property, LLC.
Separate ordinances have been sent to the city council for approval.
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