Sunday, January 17, 2016

City Makes Loan To Improve Affordable Housing Building In Uptown

From the city after this week's City Council meeting:
"A pair of affordable rental developments for families in Uptown and Woodlawn* would be supported through financial measures introduced today to City Council by Mayor Rahm Emanuel.
Magnolia Court Apartments, 4878 N. Magnolia Ave.  The $4.3 million rehabilitation of Magnolia Court Apartments in Uptown would be supported by a $1.5 million City loan. The proposed project by Magnolia Court Apartments LLC would include a new roof, upgrades to kitchen and bathroom cabinets, and new energy efficient kitchen appliances. 
The 60-unit courtyard building was originally constructed in the 1920s. The loan would be contingent upon the developer and HUD executing a minimum 15-year renewal to an expiring project-based Section 8 contract on 50 of the units. Other funding sources would include a private mortgage loan and a $500,000 grant from the Federal Home Loan Bank. Ten of the units would be offered at market rents and the remaining units would be reserved for residents earning up 60 percent of area median income."
This building has been affordable housing for a long time, and is well-managed as far as we can tell. The city loan will help with upkeep and preservation of the property. If you have questions about it, you can contact Ald. Pawar's office.

* The Woodlawn property is Trianon Lofts on East 61st Street.

Update: DNAinfo has done an article about the process of retaining this building as affordable housing with the help of the city, community groups, and Ald. Pawar.  City Supports $4.3M Potential Redevelopment of Magnolia Court Apartments

1 comment:

  1. It's good to see more affordable housing options in these tumultuous times. Lots of people are finding themselves flat out on their backs with no finances at all, the least the city can do is help them have a roof over their heads.