Earlier this week, the city of Chicago approved the sale of city-owned land in the Englewood neighborhood to pave the way for a new affordable-rate senior housing development. Dubbed the Montclare Senior Residences of Englewood, the seven-story structure slated for the intersection of 64th and Green streets will provide single-bedroom units for 102 age-restricted residents earning up to 60 percent of the area median income. It is expected to include a wellness center, library, and activity room among its residential amenities.
According to a statement from the city of Chicago, the $26.6 million project from developer MR Properties will take advantage of a number of city incentives such as $15.7 million in tax credit equity, $650,000 from the Chicago Low Income Housing Trust Fund, and a $6.6 million loan.
The new development is positive news for a south side community that has experienced a dramatic decline in population over the past few census counts and should provide a path for lower-income residents over 55 to remain in the neighborhood.
The Montclare project joins the 2014 Englewood Whole Foods grocery store as well as the four-story Sangamon Terrace affordable senior housing development that opened near 63rd and Halsted in late 2015.
- Englewood archives [Curbed Chicago]