Howard & Ashland Proposal
We are hosting a community meeting on proposed affordable housing development on Tuesday, November 12, 6:30 pm at Willye B. White Park, 1610 W. Howard. The Alden Foundation is partnering with Artspace to propose a $30 million investment into the northern part of the ward in the form of mixed-income housing development. This is the first community meeting to allow the Alderwoman and ward residents to hear this proposal and give initial feedback. Given the scope of the proposed development and the request for public land, the developers are following the guidelines of our 49th Ward Zoning Process. This will not be your only opportunity to learn about or give input on this project.
The developers are requesting the city-owned property at Howard and Ashland for $1 in exchange for the public benefit of developing 76 units of affordable housing. They plan to finance this project by applying for an annual allocation of $1,215,108 of the Low-Income Housing Tax Credit (LIHTC) subsidy, $1,300,000 in Chicago HOME funds, and $1,250,000 in Illinois Housing Development Authority (IHDA) tax credits. Additionally, the developer has applied to secure 12 units for CHA voucher holders for a term of 30 years.
The proposal calls for developing 65 units of LGBTQ-friendly, mixed-income senior (ages 55+) housing units, and 15 affordable units for live-work artist living space. Additionally, the building would have 3,500 square feet of ground-floor commercial space along Howard St. The building would be designed so the tenants in the artist living space and the tenants in the senior units will be a part of one community. All tenants will have access to the same amenities in the building.
Senior Units Breakdown:
There will be four market-rate units. The developers estimate a one-bedroom market-rate unit will rent at $1,250 and a two-bedroom unit will rent at $1,400 at market rate. The rent for the affordable units will be determined by an individual's income in comparison to the Area Median Income (AMI).
Artist Live/Work Units Breakdown:
The developers are looking to change the zoning from B3-5 to B2-3, which would ultimately downzone the property. Along the Howard side, the building would be four stories with a green roof deck. As the building goes south, the height will increase by one story, totaling five stories south-bound along Ashland. In the rear of the building, there will be a parking lot with 34 parking spaces, 4 of which will be reserved for persons with disabilities. This proposal exceeds the city's required number of parking spaces for transit-oriented development.
The purchase of this vacant lot will put it back on the tax roles, ultimately reducing the tax burden on property owners. It is anticipated to generate $111,506 in property tax revenues every year - most of which will go to our public schools.