The Mayor called on City Council yesterday to approve two proposals for the creation of 80 units of affordable rental housing in West Town/Humboldt Park. The basics of these collaborative efforts are:
Boriquen Bella LP
With a $3.9 million loan, the city would assist in the renovation of 47 rental units at 1414 and 1451 N. Washtenaw Ave. and 1456 and 1318 N. Rockwell Ave. (above) According to the city, "The $11.7 million, four-building project by Borinquen Bella LP would include the installation of new roofs, windows, doors, and flooring, along with kitchen and bathroom upgrades. The improvements would create a mix of affordable, one- to three-bedroom apartments."
North and Talman Phase III, Hispanic Housing Development Corp.
The City will furnish a vacant five-story building and more than $2.3 million in Tax Increment Financing (TIF) assistance to trigger the development of 33 affordable units along West North Avenue. The building in question is at 2625 W North Ave (below), nearby existing affordable housing. The proposal also incorporates three nearby two-flats. The Illinois Housing Development Authority and private lenders are contributors to the $13.3 million project. Could this be a real sign of the Chicago Housing Authority's new lean and limber approach to project funding?
·Two affordable housing projects proposed for West Town [City of Chicago]