CHICAGO—Mayor Rahm Emanuel has proposed to City Council a plan to build a $29 million expansion to the Montclare Senior Residences of Avalon Park.
The city owns the 1.7-acre site, which is worth $1.9 million, and will sell the property to the developer for $1. Other incentives from the city include a $6.7 million loan, $1.4 million in Low Income Housing Tax Credits and $650,000 from the Low Income Housing Trust Fund, which provides rental subsidies to landlords who rent to low-income tenants.
The L-shaped structure, to be developed by Avalon Park Phase II LLC, would include 122 studio, one- and two-bedroom apartments for independent seniors at least 62 years of age. The 102-unit first phase of the complex was competed in 2009. The two phases would share a lobby, activity rooms and laundry facilities located in the original building.
“Safe and comfortable senior housing is an essential component of the City’s affordable housing agenda,” Mayor Emanuel said. “These measures support these goals.”