CHA, partners open Oso Apartments in Albany, Irving Park
CHICAGO (Oct. 10, 2019) –CHA joined Evergreen Real Estate, 35th Ward Ald. Carlos Ramirez-Rosa and the Illinois Housing Development Authority Thursday for the grand opening of the Oso Apartments, which provides 48 units of affordable housing to the Irving and Albany Park communities, including 32 for CHA residents.
The remaining 14 will be for households earning 60 percent of the Area Median Income (AMI), with two units reserved for those earning up to 50 percent of the AMI.
“CHA has been committed to building strong, vibrant communities throughout this great city,” said Jewell Walton, the Deputy Chief of the CHA’s Rental Assistance Demonstration (RAD) program. “This is an example of that commitment. This beautiful new building was made possible through Project-Based Vouchers that support developments through long-term affordability. It’s another tool we use to reiterate our pledge to deliver greater housing opportunity to all of Chicago’s 77 community areas.”
CHA approved the $10 million project in 2018 as part of the RAD program. The five-story building at 3435 W. Montrose Avenue - on the corner of Montrose Avenue and Bernard Street - includes 32 one-bedroom and 16 two-bedroom apartments, with community and laundry rooms and other amenities.
“The completion of Oso Apartments is a significant achievement, as it shows how previously underutilized sites can be reimagined as thoughtfully designed housing that supports the economic diversity of our city,” said David Block, director of development at Evergreen Real Estate Group. “We still have a long way to go in addressing Chicago’s affordable housing shortage, but this project and nearby developments like the Independence Apartments and Independence Branch Library represent progress in our mission of creating and preserving housing that allows neighbors to stay in their existing neighborhoods.”
Carlos Ramirez-Rosa, the 35th Ward Alderman, said: “One-hundred percent affordable housing developments like the Oso Apartments are critical to addressing displacement in Chicago neighborhoods like Albany Park. The Oso Apartments would not have been possible without CHA. Thanks to CHA's support and partnership with affordable housing developer Evergreen, 48 families now have a dignified and affordable place to call home. This is a win for Albany Park and Chicago's working families.”
Christine Moran, IHDA’s Multifamily Financing Director, said: “The Illinois Housing Development Authority was pleased to partner with Evergreen Real Estate Group and the City of Chicago to transform a vacant lot into a new, modern, and affordable rental community. This is an impactful development that will add diversity and depth to the local housing stock, helping the Albany Park area remain affordable and accessible as the neighborhood continues to grow.”