The seven-story, second phase of the Montclare Senior Residences of Avalon Park complex would move forward under financial measures introduced Wednesday to the Chicago City Council by Mayor Rahm Emanuel.
The $29 million expansion, planned for city-owned land at 1201 E. 77th St., would create 122 apartments, 109 of which would be rented to seniors earning up to 60 percent of area median income.
“Safe and comfortable senior housing is an essential component of the city’s affordable housing agenda,” Emanuel said. “These measures support these goals.”
The city would sell the 1.76 acre site valued at $1.95 million for $1, provide a $6.7 million loan and issue $1.4 million in low income housing tax credits that would generate $14.8 million in equity for the project.
Additional city support would include $650,000 from the Low Income Housing Trust Fund, which provides rental subsidies to landlords who rent to low-income tenants.
The L-shaped structure, to be developed by Avalon Park Phase II LLC, would include a mix of studio, one- and two-bedroom apartments for independent seniors at least 62 years of age.
The 102-unit first phase of the complex was competed in 2009. The two phases would share a lobby, activity rooms and laundry facilities located in the original building.
