Ribbon cutting celebrated for Maria Elena Sifuentes Apartments

The City of Chicago, Mayor Johnson, Chicago DOH, developer Celadon Partners, the Communities United housing team, and Alderwoman Rossana Rodriguez Sanchez gathered to celebrate the completion of the Maria Elena Sifuentes Apartments located at 3559 W. Lawrence in Albany Park.

“Celadon is thrilled to have completed our latest affordable housing development in Chicago’s Albany Park community,” stated Scott Henry CEO of Celadon Partners, “Our mission of providing safe affordable housing options for families in this community was a collaborative effort between Celadon, our community partners ROOTS and Communities United, the City of Chicago Department of Buildings, and our lending partners Huntington Bank.”

The Maria Elena Sifuentes Apartments, initially named the Metropolitan Apartments, was selected in the Department of Housing’s (DOH) 2019 funding round. With total development costs at $26.17 million, City assistance comprised 70% of the total project sources. DOH provided $1.6 million in 9% Low Income Housing Tax Credits, as well as $990,000 in Donation Tax Credits, resulting in approximately $15.8 million in total equity for the benefit of this project. The Chicago Department of Planning and Development further issued up to $2.5 million in Tax Increment Financing assistance.

“Housing is a fundamental right, and the Maria Elena Sifuentes Apartments exemplify our commitment to ensuring that those who require subsidies to live affordably have just as many choices in where they call home as those who don’t require subsidies,” said Housing Commissioner Jim R. Horan.

Designed by UrbanWorks, the newly completed project offers 50 units of affordable housing, with 42 units priced for households earning up to 60% of the Area Median Income and the remaining eight units at market rate. Additionally, 15 of the 42 units are made available to extremely low-income households, thanks to the crucial support of CLIHTF rental subsidies.

In addition to providing affordable housing options to the community, the project will prioritize the needs of working families by providing access to a convenient, enriching, and accredited childcare option. Concordia Place – an award-winning, locally-based non-profit daycare provider for resident families and the surrounding community – will occupy the ground floor commercial space, which spans an impressive 6,500 square feet.