$13M Affordable Housing Units Open

CHICAGO-The 156-unit Stone Terrace Apartments have opened at 84th Street and Parnell Avenue on the city’s South Side, not far from where another novel 70-unit duplex and townhouse development is proposed. The Stone Terrace project is a rehabilitation of 10 multifamily buildings for low-income families while SOS Children’s Village in the 500 blocks of W. 76th and 78th Streets would be new construction for foster parents and adopted children.

The $13-million Stone Terrace project was financed by $6.325 million in tax-exempt bonds and a $4.1-million no-interest loan from the city, along with a $750,000 low-interest loan from the Illinois Housing Development Authority. Additionally, the Chicago Equity Fund put up $1.3 million in equity.

The city financing requires the project to remain affordable for 40 years. For now, that means families earning less than $37,700 a year.

The SOS Children’s Village project will put a residential development and day care center on an irregularly-shaped 7-acre site bounded by railroad tracks.