Tax-Exempt Bonds Would Finance Near West Side Affordable

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October 8, 2020

New affordable rental multifamily housing would be created through the issuance of $13 million in tax-exempt bonds that Mayor Lori Lightfoot’s office introduced to City Council Wednesday. The funding would support an estimated $37-million project on Chicago’s Near West Side, which will generate more than $2 million in Low Income Housing Tax Credits along with $2.5 million in donation tax credits.

Brinshore Development Company is partnering with The Chicago Lighthouse for the proposed construction of a new multifamily development in the Illinois Medical District, which will be designed with a focus on the needs of the blind and visually impaired.

The development site is located at the northwest corner of Roosevelt Road and Wood Street, in the Near West Side community area within the Illinois Medical District. Along with 76 residential units, the development will also include ground-floor commercial space.

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affordable apartments development financing

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Tax-Exempt Bonds Would Finance Near West Side Affordable

Paul Bubny

via Connect Media

October 8, 2020 at 06:53AM

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