NORTH LAWNDALE — Mayor Rahm Emanuel celebrated Friday the opening of a 120-unit affordable senior housing complex in North Lawndale.
“This development is exactly what Chicago’s five-year plan to invest $1.3 billion in affordable housing is designed to do,” Emanuel said in a statement.
The complex bulit by Montclare Senior Residences SLF of Lawndale LLC at 4339-17 W. 18th Place includes a mix of studio and one-bedroom apartments, officials said. All but 12 units are set aside for seniors earning up to 60 percent of area median income, which is $47,400 for a family of four, according to city data.
Ald. Michael Scott Jr. (24th) said making sure Chicagoans age 62 and older can find affordable housing is a top priority.
The L-shaped complex dubbed the Montclare Senior Residences of North Lawndale will also offer services and activities for residents, including housekeeping, meals, recreational activities and health and wellness services, officials said.
The $27.7 million complex will be built with $2 million from the area's tax increment financing district.
TIF districts capture all growth in the property tax base in a designated area for a set period of time, usually 20 years or more, and divert it into a special fund for projects designed to spur redevelopment and eradicate blight.
In addition, two parcels of land valued at $220,000 were provided for the project for $1 by city officials.
The project also is being financed with $1.1 million in low-income housing tax credits as well as a $12.3 million federal loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity.
