The City of Chicago, with the Chicago Department of Housing and Mayor Brandon Johnson, will allocate up to $13 million for the development of Sacred Apartments on the South Side.
The new five-story elevator building, at 9212 South Burley Avenue in South Chicago, will comprise 81 units, including 15 studios, 11 one-bedrooms, 21 two-bedrooms, 25 three-bedrooms and nine four-bedrooms. All units will be eligible for tax credits, with a distribution of 20% for households at or below 60% of the Area Median Income (AMI), 60% for households at or below 50% AMI, and 20% reserved for households at or below 30% AMI.
The project will include a first-floor front desk, community room, property management and social service offices and a separately=funded retail space along the 92nd Street frontage. Additionally, a 44-space parking lot is planned for the south end of the building.
The financing of the project will leverage various sources, including up to $23,000,000 in tax-exempt housing revenue bonds issued by the City of Chicago, a $5,000,000 TIF grant from the South Chicago TIF district, a $1,305,362 grant from the Chicago Recovery Plan for Permanent Supportive Housing, and an up-to $6,694,638 loan from HOME funds. Additional funding will be provided through a private loan, a loan from the Illinois Housing Development Authority (IHDA), as well as grants from ComEd and Community Neighborhood, accrued interest & GIC Income, GP Equity, and a deferred developer fee.
The ordinance also approved the conveyance of seven City-owned lots appraised at $119,842 to the developer for the nominal sum of $7. SACRED Apartments Owner LLC will serve as the project owner. The General Partner, SACRED Apartments Developer LLC, will hold 0.01% ownership, with 60% owned by The Interfaith Housing Development Corporation of Chicago and 40% owned by Claretian Associates, Inc—both not-for-profit corporations committed to community development.
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