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Habitat Awarded $4.5M in LIHTC for Riverdale Renovation Project
Thirteen developments, at an estimated total cost of $562 million, have been selected by the City of Chicago’s Department of Housing to receive low-income housing tax credit (LIHTC) reservations.
Habitat, a Chicago-based multifamily developer and full-service real estate firm, is leading one of the projects with plans for major renovations to Riverside Village, an affordable housing community with 258 units across 39 buildings in the Riverdale neighborhood.
Habitat has received $4.5 million in LIHTC from the city to help refinance the existing debt on the property located at 13215 S. Indiana Avenue. The funds will also support rehabilitation work, including new, green plumbing and HVAC systems, upgraded unit interiors, improved accessibility, and exterior improvements to the on-site playground and basketball court.
“We are extremely grateful to Mayor Johnson and the city of Chicago for its dedication to funding important projects like this one through LIHTC, which will help ensure vibrant, energy-conscious, high-quality housing for current and future residents,” said Charlton Hamer, SVP, Habitat Affordable Group.
