The Hispanic Housing Development Corporation received approval for $13.24 million in tax increment financing from the City of Chicago’s Department of Finance for its affordable senior housing development at 1539 N. Pulaski in Chicago’s Humboldt Park neighborhood.
The project will provide 61 modern, high-quality units for very low-income elderly households while adaptively reusing the historic Pioneer Arcade Building. New construction on the adjacent vacant lot to the south will attach to the building to extend its footprint.
The $36.22 million development, designed by UrbanWorks, includes 58 one-bedroom units and three two-bedroom units, with one reserved for a resident manager. Construction is targeted to start in mid-December and is expected to take 15 months to complete.
Previously, the project received an award of Low-Income Housing Tax Credits from the Illinois Housing Development Authority and a Section 202 Capital Advance and Project Rental Assistance Contract from the U.S. Department of Housing and Urban Development.
With the support of its financial partners, HHDC has developed nearly 4,000 affordable units over the past 42 years, with 754 of those units in the Humboldt Park and West Town areas of Chicago. Founded in 1975 as a not-for-profit organization to create affordable housing in Chicago’s Latino neighborhoods, HHDC helps people across Chicago, the Midwest, and Puerto Rico to improve their lives—and achieve the American dream. HHDC is a vertically integrated, triple-bottom-line affordable housing development organization that includes a strong property management division and the for-profit subsidiary Tropic Construction Corporation.
