In addition, the project is eligible for $2.76 million in Low-Income Housing Tax Credits and well as a $678,690 historical rehab tax credit, according to an ordinance being considered by the city council.
Artspace Chicago Limited Partnership has secured a $439,226 first mortgage underwritten by the Illinois Housing Development Authority. It is asking the city for a $1-million second mortgage. Also, TCF National Bank would provide an additional $100,000 loan.
All three loans carry the same terms: 32 years, no interest.
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