The Chicago City Council has provided a $6 million subsidy for an affordable housing project in Lakeview.
The public funding will help propel the six-story, 37-unit Lakeview Landing apartments at 835 West Addison Street, which is being developed by Evanston-based nonprofit Over the Rainbow Association, the Chicago Business Journal reported.
The apartments will be reserved for renters who make 30 percent or less of the area median income. In the Lakeview neighborhood, the household median income is $95,000 per year, compared to the city average of $66,000.
With an estimated cost of $18 million, a “significant portion” of the funding will come from the Illinois Housing Development Authority. All units in Lakeview Landing will be subsidized with project-based vouchers, ensuring accessibility and quality housing for individuals with mobility needs, as emphasized by Mayor Brandon Johnson during the City Council meeting.
Furthermore, the developer has committed to designating two units as permanent supportive housing for individuals on the Continuum of Care’s housing waiting list.
The project is one of several city initiatives billed as ways to address Chicago’s affordable housing crisis. Mayor Johnson’s Bring Chicago Home proposal, for instance, just secured a key City Council vote, likely sending it to the March ballot.
If enacted, this policy would raise the transfer tax rate on all property sales of $1 million sales, and the city would utilize the extra tax revenue to fund more affordable housing and anti-homelessness initiatives.
Other affordable housing projects on the way include the 89-unit Encuentro Square apartments in Logan Square and Bickerdike Redevelopment Corporation’s 90-unit project in Edgewater.