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City Backs Financing for 877 Affordable Housing Units

CHICAGO-Four developers are in line to get $79 million in housing revenue bonds for projects targeted to low-income senior citizens and families with special needs on the South and West Sides.

By Mark Ruda | Updated on March 06, 2006

(To read more on the debt and equity markets, click here.)

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.

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