The Hispanic Housing Development Corporation (HHDC) announced it received approval for $13.24 million in tax increment financing from the City of Chicago’s Department of Finance for its affordable senior housing development at 1539 N. Pulaski.
The project will provide 61 modern, high-quality units for very low-income elderly households while adaptively reusing the historic Pioneer Arcade Building. New construction on the adjacent vacant lot to the south will attach to the building to extend its footprint.
“We are grateful to the Chicago Department of Finance for its support of this vital addition to affordable senior housing in Humboldt Park,” said Tony Hernandez, President and Chief Executive Officer of HHDC. “The former Pioneer Arcade Building is a crucial link in HHDC’s overall plan to stabilize and strengthen Humboldt Park and mitigate the impact of gentrification.”
The $36.22 million development, designed by UrbanWorks, includes 58 one-bedroom units and three two-bedroom units, with one reserved for a resident manager. Construction is targeted to start in mid-December and is expected to take 15 months to complete.
Previously, the project received an award of Low-Income Housing Tax Credits from the Illinois Housing Development Authority and a Section 202 Capital Advance and Project Rental Assistance Contract from the U.S. Department of Housing and Urban Development.
