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Subsidized Rental Building Moves Ahead

CHICAGO-A $14-million multifamily rental building with 58 subsidized units advances out of the city council committee on zoning. There is one rare descending vote because the plan includes just 16 parking spaces.

By Mark Ruda | Updated on May 25, 2006

(To read more on the multifamily market, click here.)

CHICAGO-A $14-million multifamily rental building that will offer 58 subsidized units advanced out of a city council committee, but not without dissent over the amount of parking in the plans. Interfaith Housing Development Corp. hopes to begin construction in October on a five-story building at 4041 W. Roosevelt Rd., which will include just 16 parking spaces.

Although the proposal has the support of the local alderman, 50th Ward Alderman Bernard Stone cast a rare “no” vote Thursday at the city council committee on zoning. “I don’t have to vote on this,” says Stone, who also cast a dissenting vote last week against revised plans for a multifamily rental tower in at Des Plaines and Kinzie streets. “We’re going back to the ’50s and building what we’ve torn down; I’m not going backward.”

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