Multifamily N Illinois

Affordable housing Harvest Homes opens in Chicago

  

Mayor Rahm Emanuel joined Rev. Michael Eaddy, Ald. Jason Ervin and community members to open Harvest Homes, a new 36-unit affordable housing complex in Chicago's East Garfield Park neighborhood.

The property consists of four three-story buildings at 3512-46 W. Fifth Ave., according to a statement from the mayor's office. The $14.1 million project was developed by People's Community Development Association of Chicago Inc. and the NHP Foundation. The buildings include a mix of two- to four-bedroom apartments for residents earning up to 60 percent of area median income.

City support for the project includes a $1 million TIF and about $1.4 million in low-income housing and donation tax credits that generated about $12.7 million in equity for the project. Other funding sources include a grand from the Federal Home Loan Bank and private mortgage loan.

The project is part of the city's five-year housing plan to commit $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.