Two housing developments on the opposite sides of the city are aiming to increase the number of affordable units for families in Chicago.
The Janet L. Smith Apartments in West Pullman and the 5853 N. Broadway development in Edgewater are among 13 projects that will receive funding through the city’s allotment of federal low-income housing tax credits, according to an announcement from Mayor Brandon Johnson’s office earlier this month.
The city did not respond to questions about how many total units the 13 projects will add to the city’s stock of affordable housing. In past years, it was estimated the city needs 120,000 affordable units. The announcement comes as the city continues to grapple with how to fund services to address homelessness.
Financing through low-income housing tax credits remains the main avenue for funding the development of affordable housing, developers said. Chicago awards those tax credits every two years. This year, a new part of the tax credits includes requiring developers to implement an eviction prevention plan, according to the city’s Qualified Allocation Plan for 2023.
In total, the 13 projects are estimated to cost $562 million, according to city officials. The developments will use $13 million of the tax credits – 9% of the city’s allotment – and another $11 million – 4% of the city’s allotment – to generate $187 million in private equity. Another $154 million will come from tax-increment financing and city public loans.
“Ensuring every Chicagoan has access to safe, affordable housing is non-negotiable in our mission for a better, stronger, safer Chicago,” Johnson said in a prepared statement.
In Edgewater, Joy Aruguete, the chief executive office for the Bickerdike Redevelopment Corp., said they began working on the 5853 N. Broadway development after former Ald. Harry Osterman reached out about adding affordable housing in the 48th Ward.
“There’s been a lot of families that have been displaced out of the area because that’s what’s being converted into more high-priced housing at the market level," she said. "And buildings that are taken down are being replaced by buildings that have smaller unit sizes and smaller numbers of bedrooms.”
In the 60660 Zip code, where the property will be located, the median rent for all types of units stands at $1,474, according to data from Zillow, a real estate website. Across Chicago, the median rent price is $1,950 , according to Zillow.
In mid-March, a two-bedroom apartment near the development site was listed for $1,825 a month, according to Zillow.
Located near the Thorndale CTA station, the development is expected to have 90 units ranging from 1-bedroom to 3-bedroom units intended for families who make at or below 60% of the median area income, Aruguete said.
The Bickerdike Redevelopment Corp. is developing 5853 N. Broadway in the city’s Edgewater neighborhood into an estimated 90 affordable housing units. The development was among 13 projects that will receive low-income housing tax credits from the City of Chicago.
Bickerdike plans to add environmentally sustainable features like solar panels, a green roof to help alleviate the sewer systems during heavy storms and all-electric heating and cooling.
“It is our aim to be 100% electric and produce the electricity needed on site,” she said.
On the Far South Side, the Interfaith Housing Development Corp. is building a 36-unit apartment building that will also provide permanent supportive housing, which means it will include social services provided by the Southside Center of Hope in addition to providing affordable units, said Perry Vietti, president for IHDC.
Vietti said a market study isn’t needed to assess how badly affordable housing is needed in the city, pointing out that anyone can travel throughout the city and see the need.
“It greets us every day when we traverse the city by train or by walking,” Vietti said. “There’s so much homelessness, there’s so many special needs folks that there’s such a dearth of affordable housing. People are homeless for all kinds of reasons, but the lack of affordable housing is one of the biggies. There’s just a lack of supply, and that’s what we hope to address by doing this.”
The four-story property, which will be built on vacant land at 505 W. 119th St., is estimated to cost just under $20 million, Vietti said. The developer has also applied for funding from the Illinois Housing Development Authority in addition to the city’s allotment of tax credits.
The apartment building will be named after the late Janet L. Smith, a professor at the University of Illinois Chicago’s College of Urban Planning and Public Affairs. Vietti said the organization wanted to honor her because she was a longtime board member who spent much of her professional career devoted to housing issues.
“Our board really wanted to honor and acknowledge her contributions,” he said. “So much of her work was focused on the lack of housing supply, the lack of housing for special needs populations.”
The other developments receiving the financing include:
Belray Apartments 9/4 by Mercy Housing Lakefront (Lakeview)
Abrams Intergenerational Village by the Renaissance Collaborative (Washington Park)
Harvest Homes II by People’s Community Development Association of Chicago (Garfield Park)
Hub 32 by Michaels Development Company (East Garfield Park)
WBC Manor by WBC Communities
Park Manor Senior Residences of Chatham, Phase I LLC by All Construction Group (Chatham)
Pilsen Migrant Continuum of Care Workforce Housing by Metropolitan Housing Development Corp. (Pilsen)
Hilliard Homes by Holsten (Near South Side)
Homan Square Apartments Phase IV by IFF Real Estate Holdings LLC (Garfield Park)
The Martha Washington by Evergreen Real Estate Group Housing (North Center)
Riverside Village by the Habitat Company (Riverdale)
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Affordable housing developments in Edgewater, West Pullman among those awarded low-income housing tax credits - Chicago Sun-Times
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