Does Rogers Park Need A Similar Program?
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City Council Approves Ordinances Supporting the Preservation of 236 Units of Affordable Rental Housing
May 24,2006
The Chicago City Council today approved two ordinances,( Dept. of Housing, May 24 ) with a commitment of $25 million, supporting the preservation of 236 units of affordable rental housing for low- and moderate-income families and seniors.
Britton Budd Apartments
The first ordinance approves the transfer of up to $20 million in tax-exempt bond financing to the Chicago Housing Authority, providing funds for the rehabilitation and preservation of 173 units of senior housing. The CHA will use the allocation to generate approximately $15.4 million in tax credit equity for the renovation of the Britton Budd Apartments at 501 W. Surf St. in the City's 44th Ward, furthering the CHA's redevelopment mission.
The $34.8 million project will include new apartment amenities, exterior work and a full scale renovation of plumbing, electrical and heating systems. Once the rehabilitation is completed, the project-based Section 8 development will have 36 studios and 137 one-bedroom apartments for low- to moderate-income seniors, ranging in size from 600 to 820 square feet. Britton Budd Apartments are located within the nationally registered Lakeview Historic District.
Note:Sent to Rogers Park Review from a neighbor.
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City Council Approves Ordinances Supporting the Preservation of 236 Units of Affordable Rental Housing
May 24,2006
The Chicago City Council today approved two ordinances,( Dept. of Housing, May 24 ) with a commitment of $25 million, supporting the preservation of 236 units of affordable rental housing for low- and moderate-income families and seniors.
Britton Budd Apartments
The first ordinance approves the transfer of up to $20 million in tax-exempt bond financing to the Chicago Housing Authority, providing funds for the rehabilitation and preservation of 173 units of senior housing. The CHA will use the allocation to generate approximately $15.4 million in tax credit equity for the renovation of the Britton Budd Apartments at 501 W. Surf St. in the City's 44th Ward, furthering the CHA's redevelopment mission.
The $34.8 million project will include new apartment amenities, exterior work and a full scale renovation of plumbing, electrical and heating systems. Once the rehabilitation is completed, the project-based Section 8 development will have 36 studios and 137 one-bedroom apartments for low- to moderate-income seniors, ranging in size from 600 to 820 square feet. Britton Budd Apartments are located within the nationally registered Lakeview Historic District.
Note:Sent to Rogers Park Review from a neighbor.
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posted by gf at 6:20 AM
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