CDC approves $10 million in TIF for 4531 W. Washington

The Community Development Commission has approved a land sale and $10 million in TIF funding for 4531 W. Washington, an affordable residential development in West Garfield Park. Planned by CARE Manor and National Equity Fund, the project site is located at the southeast corner of W. Washington Blvd and N. Kenton Ave. Spread across a total of seven parcels, the developer currently owns five of them and the city owns the remaining two.

Designed by Triad Consortium LTC, the new construction will stand four stories tall with 44 units inside. As an affordable development, the unit mix will consist of 0ne two-bed at 15% AMI, one one-bed at 30% AMI, one one-bed at 50% AMI, two two-beds at 50% AMI, one one-bed at 60% AMI, 27 two-beds at 60% AMI, and 11 three-beds at 60% AMI. The building will include a community room, management offices, and on-site laundry. 21 parking spaces will be included on the back of the property.

Set to cost $35.4 million, the development will be funded with $3.1 million in tax exempt bonds, $4.3 million in multi-family loan funds, $10 million in TIF, $7.8 million in tax credit equity, and $240,000 in a deferred developer fee. The city will be writing down the value of the land to $1, selling the two parcels for a total of $2.

With this approval from the Community Development Commission, the project will go before the Plan Commission in December, the funding package will be introduced to City Council in January, approval of that funding is expected in February, and closing is estimated for March 2024.

With GMA Construction Group serving as the general contractor, construction is estimated to begin in April 2024 and wrap up by August 2025.