City Council approves $8.7 million in funding for 1237 N. California

The Chicago City Council has approved $8.7 million in Multi-Family Program Funds 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 now approved city funding comes as $8.7 million in Multi-Family 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.

With this piece of the funding stack secured, the developer can continue working towards closing on the entire financing package and getting construction started. While a permit is in the works, a timeline for construction is currently unknown.