PBV projects in Lincoln Square, Uptown also approved
CHICAGO – RealEstateRama – The Chicago Housing Authority’s Board of Commissioners Tuesday approved the investment of 27 Project Based Vouchers (PBVs) to create additional affordable housing opportunities for families at Teacher’s Village Chicago located in the Humboldt Park community. The investment represents approximately $22 million over the 30-year term and provides a new housing resource for low-income families to obtain stable affordable housing in strong, vibrant communities.
“The Chicago Housing Authority is committed to providing greater housing opportunities by using project-based vouchers to make housing affordable for low-income Chicagoans,” said CHA CEO Tracey Scott. “With a 30-year commitment, CHA’s support ensures lasting affordable options in our neighborhoods.”
Teacher’s Village Chicago is the adaptive reuse of the former Von Humboldt Elementary School at 2620 West Hirsch and is designed as a mixed-income community that will bring much needed housing affordability to an area that has seen tremendous investment and rising rent costs. The 109-unit development will offer 15 studio, 67 one-bedroom, 21 two-bedroom and six three-bedroom units for families. Residents and neighbors will have access to a large public plaza and marketplace café, as well as a thriving neighborhood with access to public transportation, employment opportunities, recreational activities, and commercial outlets.
Teacher’s Village Chicago is designed to create a “community campus space” where teachers, students and community life-long learners come together to further their life education. The developer, RBH Group LLC, has completed similar projects in Hartford, CT and in its home city of Newark, NJ.
Both market rate and affordable rental units will be made available through a combination of private and public funds. The City of Chicago has approved Low-Income Housing Tax Credits to create additional affordability. A mix of incomes will be targeted including units for households living at or below 30% of the Area Median Income.
The CHA Board of Commissioners also committed nine PBVs to Sarah’s on Sheridan, a six-story new construction development located in the Uptown neighborhood. The mixed-use development will contain 38 apartments providing permanent supportive housing to women experiencing homelessness and is part of CHA’s commitment to Chicago’s Plan to End Homelessness. The investment of PBVs creates housing opportunity for 30 years and represents a $3 million commitment to create housing stability for some of the City’s most vulnerable residents.
The Board also approved support for 2150 Lawrence Apartments. The new construction, 59-unit six-story building will be located in the Lincoln Square community and provides access to public transportation and a vibrant residential and commercial community. PBVs will support six two-bedroom units for an estimated affordable housing investment of $5 million over 30 years. The property owner is Sonco Real Estate, which has developed and managed more than 1,500 residential units over the last 15 years in Chicago, Florida and Texas.
Office of Communications – Chicago Housing Authority
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