Mayor Lori Lightfoot and Chicago Department of Housing (DOH) Commissioner Marisa Novara have joined city and community leaders to announce more than $1 billion in affordable housing.
In 2021, the City of Chicago made investments for affordable housing creation and preservation through the Chicago Recovery Plan and Mayor Lightfoot’s 2022 budget. As a result, DOH is more than doubling developments awarded and units built over the 2019 Low-Income Housing Tax Credit (LIHTC) round: 11 developments, 1,083 units, and $398 million in 2019 vs. 24 developments, 2,428 units, and $1 billion in 2021.
“Investing in affordable housing is a critical component to creating an equitable, strong city,” Mayor Lightfoot states. “I am thrilled that we’ve been able to expand our investments in affordable housing to move us closer towards that vision for our city. I look forward to seeing these developments come to life and provide more affordable, safe housing options on our South and West Sides.”
Lightfoot also announced that the city is acquiring more than six acres of vacant land at 18th and Peoria that will be used for the creation of affordable housing in Pilsen. This is the single largest parcel of vacant developable property in Pilsen and, thanks to the leadership of Mayor Lightfoot, it will be used for affordable housing. Acquisition of this site, which is expected to be developed with a minimum of 280 affordable units and over $100 million in development activity, follows two anti-displacement measures passed by City Council earlier this year to ensure that long-time residents in areas experiencing displacement can remain in their homes and share in transformative improvements occurring in their communities.
Total development costs for the 24 LIHTC developments are estimated at $952,775,414 and include all public and private resources: $18.6M in 9% Low Income Housing Tax Credits and $13.9M in 4% LIHTC to generate an estimated $308.6M in private resources and equity; and an estimated $208M from public loans, Tax Increment Financing and the Chicago Recovery Plan.
The 2021 LIHTC awardees are:
Tract 1: Opportunity Area
- 2907 W. Irving Park Apartments, Irving Park
- 4715 N. Western Apartments, Lincoln Square
- Lathrop Homes Phase 1D, Lincoln Park
- Prairie District Apartments (New Construction), Near South Side
- Western Gunnison Apartments, Lincoln Square
Tract 2: Redevelopment Area
43 Green Phase II, Grand Boulevard
- Austin United Alliance, Austin
- East Morgan Park Commons, Morgan Park
- Imani Village Senior Residences, Pullman
- LeClaire Courts A, North, Garfield Ridge
- SACRED Apartments, South Chicago
- The Regenerator, Englewood
- Thrive Englewood, Englewood
Tract 3: Transitioning Area
- 1237 N. California Apartments, West Town
- Boulevard Apartments, Humboldt Park
- Parkside 4 Phase 3, Near North Side
- Winthrop Argyle Apartments, Uptown
Tract 4: Preservation
- Albany-Gaines Redevelopment, South Lawndale & East Garfield Park
- Archer Avenue Senior, Bridgeport
- Churchview Supportive Living Facility, Chicago Lawn
- Island Terrace, Woodlawn
- North Town Village 1, Near North Side
- Prairie District Apartments, Near South Side
The proposals will now move forward with project underwriting, design review, zoning approvals, and City Council approvals for any public subsidy. Closing on these projects is anticipated within the next eight to eighteen months.
A complete list of the 51 proposals received for the 2021 funding round can be found at www.chicago.gov/qap.