Mayor Brandon Johnson, in conjunction with the Chicago Department of Housing, recently unrolled plans for the first two developments to directly benefit from the new HED bond funding. According to a statement obtained by the City of Chicago, this move earmarks an ambitious $230-250 million to tackle the city's affordable housing issues, setting the stage for both the construction and preservation of economical rental accommodations within the city's diverse neighborhoods.
"We’re taking bold steps to address the housing crisis by investing in developments that will bring more affordable homes to communities across Chicago," Mayor Johnson emphasized in the city's announcement. The West Garfield Park neighborhood is set to receive CARE Manor, a new 44-unit building designed to cater to families earning at or below 60% of the Area Median Income (AMI). This development promises a mix of one to three-bedroom units and features such as on-site laundry and spaces adapted for individuals with physical disabilities.
Moreover, Near South Side's upcoming Prairie District endeavor will transform a six-story building into 100 units of affordable housing. The property at 1801 S Wabash is expected to provide not only shelter but also support like career development and counseling, aiming to serve as a Permanent Supportive Housing complex. In the words of Housing Commissioner Lissette Castañeda, "Ensuring that Chicagoans have equitable access to transit exists in tandem with our mission of providing safe, healthy housing."
CARE Manor is anticipating total development costs of $31.6 million, with HED funds covering $9.6 million of that total. Further south, Prairie District is looking at a total development price tag of $54.9 million while banking on $10.9 million from the bonds. These investments suggest a firm stride towards combating housing scarcity and ensuring that more residents find a place they can afford to call home.
