Word broke last month of proposed city subsidies for affordable housing as part of the phase two of the Lake Park Crescent development in Kenwood. Yesterday, Council passed the proposal as presented. The rendered construction above will join the 68 completed townhouses of phase one, 13 of which are CHA rentals (Chicago Magazine's Dennis Rodkin wrote a backgrounder on the phase one units a year ago) Phase two will bring 132 more rental units to the party on the 4000 to 4200 blocks of Oakenwald Avenue, 81 in a mid-rise and the remainder in several three- and six-flat buildings, says the city's press release. We're not sure how many will be rendered affordable, but we know the city is kicking in $3.1M in low-income housing tax credits, $1.3M in donations tax credits, fee waivers, and a $5M loan. The overall project cost to developer Lakefront Phase II LLC is an estimated $51M.
·Price Cuts, Incentives at Lake Park Crescent in Kenwood [Deal Estate]
·Press Release [City of Chicago]