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Chicago Announces First Projects to Receive New Bond Proceeds
Chicago Mayor Brandon Johnson announced the first two developments that will receive financing from the Housing and Economic Development (HED) bond, which allocates funds to the construction and preservation of affordable housing.
CARE Manor in West Garfield Park will offer 44 units, while Prairie District will rehabilitate 100 units into Permanent Supportive Housing. Located in West Garfield Park, CARE Manor will be a new construction at 4531 W Washington Blvd. The project’s total development costs are expected to be $31.6 million, with $9.6 million in HED funds.
Prairie District features the complete rehabilitation of a six-story SRO building. The property, sitting at 1801 S Wabash, will contain 100 affordable rental units. Anticipated total development costs reside at $54.9 million, with $10.9 million coming from the HED bond. “We’re taking bold steps to address the housing crisis by investing in developments that will bring more affordable homes to communities across Chicago,” said Johnson.
