$9 million in TIF approved for Ogden Washtenaw A2

The Community Development Commission has approved $9 million in TIF funding for Ogden Washtenaw A2, the latest phase of Ogden Commons. Located at 1312 S. Talman, the project is a collaboration between The Habitat Company, Lawndale Real Estate LLC, and Sinai Health System. 

As the third building of the larger Ogden Commons development, the development will consist of a 4-story residential building with 75 mixed-income units. Designed by Solomon Cordwell Buenz, the project’s unit mix will include 3 studios at 30% AMI, 9 one-beds at 30% AMI, 32 one-beds at 60% AMI, 10 two-beds at 60% AMI, 3 three-beds at 60% AMI, 7 market-rate studios, and 11 market-rate one-beds. Interior amenities will include a welcome lobby, computer room, and a fitness center. Every unit will have Energy Star-rated appliances.

Outside, the development will share landscaped outdoor areas with a patio area, a children’s play area, and walkways throughout the entire project area with the first residential phase at 1325 S. Washtenaw which is currently under construction.

The $38.5 million development will be funded with $4 million from a first mortgage lender, $9 million in TIF funding, $9.9 million from a CHA loan, $500,000 in Illinois donations, $14.5 million in LIHTC equity, and $570,000 from a deferred developer fee. CHA owns the land and has a long-term lease agreement with the developer for $1/year.

With approval from the Community Development Commission, the proposed TIF funding and redevelopment agreement will head to City Hall to get approvals from the Committee on Finance and full City Council.