WEST HUMBOLDT PARK — A vacant lot in West Humboldt Park will be developed into low-income senior housing if Mayor Rahm Emanuel has his way.
On Wednesday, the mayor announced a proposal to the City Council that would see a vacant city-owned lot at the corner of Pulaski Road and North Avenue developed into a five-story, 72-unit apartment building for seniors.
The $19.4 million development would house people 55 and older making 80 percent or less of "area median" income, the mayor's office said in a statement.
The city would give $4 million in Tax Increment Financing funds for the complex, along with a $3.5 million loan and $1 million in Low Income Housing Tax Credits "that would generate $10.1 million in equity for the project," the statement said.
“Affordable senior housing is an essential component of any neighborhood, and this project will provide a convenient, walkable location that is close to public transit and other neighborhood amenities,” Emanuel said in the statement.
The project will be headed up by North and Pulaski Elderly Limited Partnership Corp. formed between U.S. Bancorp Community Development Corp. and Hispanic Housing Development Corp.