Chicago City Council has given the go-ahead for a $11.8 million mixed use development including artist housing in Humboldt Park.
The Nancy Franco Maldonado Paseo Boricua Arts Building at at 2709 W. Division St., is a joint venture between Brinshore Development and Puerto Rican Cultural Center.
Urbanworks designed the structure with 24 rental units for artists and other neighbourhood residents earning less than 60 per cent of the area median income. There will be a small theatre, an art galary and commercial space on the ground floor.
The city has supported the project with $4.2 million in Tax Increment Financing (TIF), a $4.2 million multi-family loan, and $261,000 in low income housing tax credits that will generate $2.5 million in equity, Chicago Mayor Lori Lightfoot’s office said in a statement.