City funding proposed for 1237 N. California

City funding is being proposed for an all-affordable residential development at 1237 N. California. Located at the northeast corner of N. California Ave and W. Crystal St, the vacant site is located across the street from Humboldt Park. Hispanic Housing Development Corporation is leading the project. 

With DesignBridge serving as the architect, the six-story building will hold 40 affordable rental apartments at or below 80% AMI. The project’s unit mix will be made up of 10 one-beds, 25 two-beds, and five three-bedroom apartments.

The ground floor of the building will have the residential lobby facing N. California Ave with tenant amenities and parking in the rear.

With a total estimated cost of $44 million, the proposed city funding would come as $8.7 million in multifamily program funds. The remaining funding would come from a $13.3 million senior construction loan, a $3.6 million senior permanent loan, a $2.98 million IHDA HTF loan, $190,000 in seller notes, a $175,000 ComEd Energy Grant, $14.27 million in LIHTC funding, and a $775,000 deferred developer fee.

To allow for the funding to go through, approvals will be needed from the Committee on Housing and Real Estate as well as the Chicago City Council. While a permit is in the works, a timeline for construction is currently unknown.