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City Council Okays Funding for Veterans Housing in Englewood
A 36-unit affordable housing development for veterans will be built in the South Side’s Englewood neighborhood through financial measures approved by Chicago’s City Council. The $14.9-million, 16-building project known as Hope Manor Village will be built on scattered sites on the 5900 and 6100 blocks of South Peoria Street, the 5900 and 6000 blocks of South Green Street, and the 6100 block of South Sangamon Street.
City support for the Volunteers of America of Illinois project will include a $3.2-million multifamily loan and the sale of a vacant, city-owned lot for each building at $1 per lot.
Other funding sources will include $1.1 million in Low Income Housing Tax Credits from the Illinois Housing Development Authority that will generate $10.1 million in equity, a $400,000 Home Depot grant, and conventional financing.
Hope Manor Village will be built in the blocks surrounding VOA IL’s Hope Manor II, which opened in 2014.
Pictured: VOA IL’s original Hope Manor
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