Chicago City Wire

Developer entity Mercy Housing Lakefront is the beneficiary of a financing ordinance for Prairie District Apartments. The first project, located on Wabash, includes the gut rehabilitation of a Single Room Occupancy (SRO) building.

Upon completion, the project will have 100 Permanent Supportive Housing studios. Of the 100 studios, 20 will be designated for tenants at 30% of the Area Median Income (AMI) or below; 60 at 50% AMI or below; 17 at 60% AMI or below; and three at 80% AMI.

Common areas will include a ground floor community area with kitchen, recreation/fitness area, resident storage room, bike storage, and laundry room.

In addition to up to $25 million in bond funds, the project is expected to utilize approximately $1.5 million in 4% Low-Income Housing Tax Credits, $8.97 million in Multi-Family Loan funds, $2 million in Congressional Earmark funds from HUD and an estimated $3.43 million in Donation Tax Credits generating approximately $3.12 million in equity.

The second project, located at 1800 S Michigan Avenue, includes the new construction of 50 units. The building will consist of one- and two-bedroom apartments.

Of the 50 units, ten will be designated for tenants at 30% AMI or below; thirteen at 50% AMI or below; thirteen at 60% AMI or below; and fourteen at 80% AMI. Common areas will include a community area with kitchen, recreation/fitness area, resident storage room, bike storage and an outdoor amenity space.

In addition to up to $3.9 million in Multi-Family Loan funds, the project is expected to utilize approximately $3 million in 9% Low-Income Housing Tax Credits and an estimated $1.25 million in Donation Tax Credits generating approximately $1.14 million in equity.