Late last week, construction crews were cleared to begin work on a new three-story senior housing complex in the Northwest Side neighborhood of Belmont Cragin. Developed by the Metropolitan Housing Development Corporation and designed by Chicago’s CSA Partners, the so-called Diversey Manor Apartments will feature 98 studio and one-bedroom units plus an on-site community room, management offices, and laundry facility.
Replacing a shuttered drive-thru bank at 5525 W. Diversey Avenue, the new development is being financed through a combination of Low Income Housing Tax credits, a $12 million loan from the City, a $9.3 million loan from the Chicago Housing Authority, and $4.3 million from a private lender.
According to an earlier City of Chicago press release, 53 of Diversey Manor’s units will be leased to residents earning up to 60 percent of area median income with the remainder reserved for tenants with CHA vouchers. The majority of residents are expected to pay between $800 and $900 in monthly rent, reported DNAinfo this spring.
- New construction permit at 5525 W. Diversey Avenue [Chicago Cityscape]
- 98-Unit Senior Housing Complex To Break Ground In June in Belmont Cragin [DNAinfo]
- Chicago Construction News [Curbed Chicago]