Chicago Housing Authority to Open $68M Apartments
The City of Chicago, Chicago Housing Authority, Evergreen Real Estate and Latin United Community Housing Association have completed Encuentro Square, a two-building, $67.5 million development in Logan Square.
The 89-unit complex at 3759 W. Cortland St. and 1844 N. Ridgeway Ave. recently celebrated its grand opening. Evergreen manages the development, which includes affordable units for families and individuals with incomes at or below 60 percent of the Chicago Area Median Income.
Evergreen funded Encuentro Square with approximately $32,124,000 in equity generated by city-sourced Low-Income Housing Tax Credits, $1,666,400 in funds generated by state tax credits from the city’s donation of the project property, $9,000,000 in city-sourced TIF funds, $14,485,586 in city-sourced loan funds; and private mortgage debt of $6,780,000, among other sources.
“This development reflects Evergreen’s commitment to increasing affordable housing supply in desirable, infill locations where investment threatens to displace longtime residents,” said David Block, Director of Development for Evergreen Real Estate Group.
