CHA Board approves transactions that contribute to redevelopment projects on North, South sides

March 27, 2018 02:00 PM
 

Press contacts:
Office of Communications – Chicago Housing Authority
Molly Sullivan: (312) 786-3344; msullivan@thecha.org
Matthew Aguilar: (312) 935-2646; maguilar@thecha.org

CHICAGO (March 27, 2018): The Chicago Housing Authority Board of Commissioners Tuesday approved transactions that will contribute to redevelopment projects on the North and South sides of Chicago, illustrating a continuing commitment to provide the City of Chicago with affordable housing opportunities.

The Board authorized a redevelopment loan not to exceed $7.5 million for the construction of a new mixed-income community that will accommodate former residents of the Washington Park CHA property. It also authorized the investment of 17 Project Based Voucher (PBV) subsidies that will represent 10 percent of the units at the new Lawrence and Ravenswood Apartments, 1825 W. Lawrence, in the Lincoln Square community.

“I made a promise when I arrived to aggressively pursue redevelopment activities and to provide the city of Chicago with more affordable housing opportunities, and we have kept that promise,” said CHA CEO Eugene Jones, Jr.

The Washington Park development at 4400 S. Cottage Grove will be new construction of an 84-unit mixed-income multi-family project in multiple buildings on CHA-owned land. Twenty-one of those units will be public housing units, with the remainder to be affordable and market-rate.

The developer is Brinshore Michaels.

The Lawrence and Ravenswood Apartments will be a 167-unit, four-story family housing development. The first floor of the west building will offer about 10,000 square-feet of retail space. The 17 PBV units provide long-term affordability to specific properties. Residents will be selected from the CHA Wait List.

The developer is Harlem Irving Companies.