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Lathrop Homes Clears Another Hurdle

CHICAGO—The developers chosen to revamp the 925-unit community hope to break ground this year.

By Brian J. Rogal | brianjrogal | | Updated on April 26, 2016

 

chi-lathrop (5) The development team says it will preserve 19 of the historic structures.
CHICAGO—The developers chosen by the Chicago Housing Authority to remake the Julia C. Lathrop Homes public housing community on the Northwest Side were recently allocated federal tax credits to support the new affordable housing they plan to build on site. After a planning process that has taken years, officials on the development team call this a pivotal step toward an anticipated 2016 groundbreaking. The Illinois Housing Development Authority awarded $2.25 million in federal Low Income Housing Tax Credits to Lathrop Community Partners , the consortium led by Related Midwest that plans to turn Lathrop into a mixed-income community. The group will sell the tax credits to a private investor and generate equity that will support construction of the project’s first phase. “The IHDA awarding of $2.25 million in federal Low Income Housing Tax Credits for the Lathrop Homes revitalization is a significant financial milestone,” says Chicago 1 st Ward Alderman Joe Moreno . “This critical financial support increases the likelihood that the long-awaited rehabilitation will begin later this year. It also brings Lathrop residents one step closer to realizing the CHA promise of high-quality housing choices and improved community amenities at the Julia C. Lathrop Homes.” “We’re very grateful to IHDA for approving our application for tax credits , which will play an instrumental role in creating housing opportunities for those who are currently blocked by price barriers in the area,” says Jacques Sandberg , vice president of Related Midwest and LCP, a development partnership between the Bickerdike Redevelopment Corp. , Heartland Housing and Related Midwest. “Chicago offers tremendous opportunities for working households, but families are finding it difficult to find affordable rents as housing costs rise across the city,” IHDA executive director Audra Hamernik said. “Lathrop Homes has been an asset to the community for nearly 80 years, and we are excited that IHDA’s investment will preserve much-needed affordable housing near jobs, transportation and all of the amenities the city has to offer.” Renowned landscape architect Jens Jensen helped design the 32-acre site in the 1930s.  In 2012, the collection of 925 low-rise and walk-up units was officially listed on the National Register of Historic Places , one of the few public housing developments to win that distinction. The developers say that, when finished, the new Lathrop will have 1,116 housing units – including 400 apartments reserved for CHA residents and another 222 designated for families that qualify for affordable housing. The remainder will be market-rate housing. LCP also plans to preserve 19 existing buildings and restore Jensen’s iconic “Great Lawn,” which provides the community with a natural oasis. The waterfront along the Chicago River will include a landscaped public walkway and new park space.

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