Brinshore Development and First Baptist Congregational Church broke ground on the McCrory Senior Apartments, a $17.4 million senior housing community on Chicago’s Near West Side.
The 62-unit apartment building is located at 1637 to 1659 W. Washington Blvd. in Chicago, Illinois. The property will include a mix of 40 one- and 14 two-bedroom units as well as a community space, management office, fitness room, exam room, 24-seat multimedia theater, rear patio and a front porch. The apartments are expected to open in May 2018.
All the units in the five-story building are available to seniors who are at least 62 years old and earning up to 60 percent of median income or a maximum of $36,960 for a two-person household.
The project is part of Chicago’s Five-Year Housing Plan which commits $1.3 billion in public and private funds to build, rehabilitate or preserve 41,000 units of affordable housing by the end of 2018.
City financial support includes up to $4.1 million in TIF assistance. Additionally, a quarter acre of city-owned land valued at $697,000 was provided for $1.
Project funding includes $13 million low income housing tax credits and donation tax credit equity from the Illinois Housing Development Authority and $600,000 from the Federal Home Loan Bank.
The complex is named after FBCC’s foudning pastor Rev. Henry McCrory.