8/10/07
The Renaissance Place Apartments redevelopment, with 54 units in three buildings located
in Chicago’s North Lawndale neighborhood, closed on its funding July 31st and has begun
construction. The developers are a partnership of Lawndale Christian Development Corporation and Safeway Construction.
Lighten-Gale Group helped the developers structure the financing, a combination of sources including Tax-Exempt Bonds from the City of Chicago, Low Income Housing Tax Credits, a grant from the Department of Housing and Urban Development as part of the Lawndale Restoration project, a loan from the Chicago Low Income Housing Trust Fund, a grant from the Federal Home Loan Bank Affordable Housing Program, and funds from the Midwest TIF district. Construction is scheduled to be completed by December 2008.
The units are a mix of two, three and four bedrooms and provide affordability between 15% and 60% of the Area Median Income.
Follow this link to read the City of Chicago's press release.
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