Chicago Housing Authority breaks ground on next phase at $172 million Roosevelt Square project

Chicago Housing Authority breaks ground on next phase at $172 million Roosevelt Square project

Ads Google account (news@linkdaddy.com) Privacy Terms Earnings at risk - You need to fix some ads.txt file issues to avoid severe impact to your revenue. Code generator Copy and paste the ad unit code in between the tags of your pages Place this code where you want an ad to appear. Do this for each individual ad unit, on every page. It usually takes a few minutes for ads to appear on the page but occasionally it can take up to an hour. See our code implementation guide for more details.

Chicago Construction News staff writer

Construction is underway on the next phase of the Roosevelt Square development which will create 222 new units and upgrade 184 affordable apartments.

CHA officials were joined by city and community leaders for the ceremony Monday morning.

The renovated apartments will get new floors, cabinets, countertops, appliances and energy-efficient systems, officials said.

The $172 million project, spearheaded by the Chicago Housing Authority and developer Related Midwest, is being funded by a mix of private and public money. This phase of the project could wrap by 2024.

CIBC is one financial supporter for the new construction, acquisition/rehabilitation, and adaptive reuse of 406 residential units and 10,000 sq. ft. of commercial space across 42 buildings.

“At CIBC, we prioritize the availability of safe, affordable housing and the preservation of our communities,” said Shawn Beber, senior executive vice president, US Region.

“Roosevelt Square will become a haven for residents and provide opportunities for business owners, and as we’ve seen in other projects, investments like this can improve quality of life, provide job opportunities and increase public safety.”

CIBC Bank USA partnered with BMO Harris Bank N.A. to provide two construction period loans, $52.9 million in equity generated by Low Income Housing Tax Credits and $2.25 million in equity generated by Illinois Donations Tax Credits.



Source link

About The Author

Scroll to Top