CDC approves $13 million in TIF for Abrams Intergenerational Village

The Community Development Commission has approved a land sale and $13 million in TIF funding for the Abrams Intergenerational Village at 5300 S. Calumet. Located at the southwest corner of the intersection of S. Calumet Ave and E. 53rd St, the project is being developed by The Renaissance Collaborative.

Drawing on the West African “Boa Me Na Me Mmoa Wo” symbol of cooperation and interdependence, the project envisions a community of grandparents, grandchildren, and independent seniors that can help each other achieve their goals and reach their full potential, maximizing their quality of life.

Designed by Moody Nolan, the six-story building will have 71 residential units. 21 of the apartments would be for grandfamilies (grandparents aged 55+ raising grandchildren) scattered throughout the building in two- and three-bedroom apartments. 12 low-income seniors would live in studios while dining communally on one dedicated floor which would also include grandfamilies. 32 seniors would live in private studios and two-bedroom apartments. 6 college students aged 18-24 experiencing homelessness would live in private studios and would provide light assistance and companionship to the Good Life seniors. 

The building would also provide community rooms on the ground floor and accessible gardens and play areas that ensure that the building and the neighborhood are seamlessly integrated. Fitness, library, and computer rooms would be accessible to all and on-site social work staff would provide support services for children and seniors.

The $40.7 million development is expected to be funded with $220,000 in developer equity, $2.8 million in private debt, $13 million in TIF funds, $2.5 million in HOME funding, a $3.45 million IHDA loan, $13.95 million in IHDA Tax Credit equity, $2.25 million from the land write down, $988,000 in equity generated, $975,000 from the FHLB Affordable Housing Program, a $335,000 ComEd grant, and a $250,000 deferred developer fee.

With Community Development Commission approval secured, the proposed TIF funding and land sale will just need final approval from the City Council. The developer plans to start construction in December 2025 and finish the building in March 2027.