Chicago City Wire

Mayor Brandon Johnson has led a significant week for affordable housing development in Chicago. The City Council passed the Green Social Housing ordinance, marking Chicago as the first major city to adopt this model aimed at creating mixed-income housing through a $135 million revolving loan fund. This initiative is part of Mayor Johnson's broader $1.25 billion Housing and Economic Development bond, which represents the largest public investment in affordable housing and economic development in the city's history.

The ordinance received backing from community leaders and several aldermen, including Alds. Burnett, Manaa-Hoppenworth, Sigcho-Lopez, and Clay. Santera Matthews of the Illinois Green New Deal Coalition expressed enthusiasm about the step towards providing residents with healthy and affordable housing options.

On Thursday, Mayor Johnson joined Alderman Greg Mitchell to celebrate a milestone for Thrive Exchange, a six-story building under construction in South Shore. This $35 million project will offer 43 affordable apartments along with commercial space and marks South Shore's first multi-family project of its kind in over half a century. Mayor Johnson emphasized that such investments reflect the city's commitment to using housing as a tool for economic justice.

The Department of Planning and Development (DPD) selected Thrive Exchange through an RFP process due to its strategic location near transit hubs. DPD Commissioner Ciere Boatright highlighted the project's convenience for future tenants due to its proximity to regional rail stations.

City support for Thrive Exchange includes various financial contributions totaling over $34 million from different sources like Low Income Housing Tax Credit equity and Tax Increment Financing.

In another development on Friday, Mayor Johnson attended the groundbreaking ceremony for a 99-unit mixed-income project on Chicago's Near North Side. This project is part of the final phase of Parkside of Old Town Cabrini-Green development. It aims to provide CHA replacement housing alongside affordable and market-rate units.

Jackie Taylor Holsten from Holsten Human Capital Development praised the long-term efforts behind Parkside of Old Town while Peter Holsten noted that nearly 800 units have been developed over two decades as part of this initiative.

The new development will feature an 8-story building along with three walk-up buildings offering various unit types ranging from studios to four-bedroom apartments. Additional amenities include social services for residents, recreational spaces like a dog park and playground, as well as indoor/outdoor community facilities.

Total costs for this phase are estimated at $67 million with substantial financial support from city funds such as TIF allocations and tax credits contributing significantly toward equity generation.