|1325 W. Wilson, a FLATS property|
A Chicago developer that has been among the most active firms behind the conversion of dilapidated, very-low-income housing into market-rate apartments is teaming with the city to offer more than four dozen subsidized units to Chicagoans who make no more than $15,200 a year.
The 58 small studio units in four of Cedar Street Cos.' FLATS Chicago buildings in the Uptown and Edgewater neighborhoods represent fewer than 10 percent of the apartments that will be in the buildings, only one of which is open. Still, the program represents the first cooperative effort of its kind between a for-profit developer of several properties and Chicago's Low-Income Housing Trust Fund. It is intended to serve as a pilot for additional collaborations.
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