[[{“value”:”
Encuentro Square, a two-building development in Logan Square, has been completed by the City of Chicago, Chicago Housing Authority (CHA), Evergreen Real Estate Group and Latin United Community Housing Association. The $67.5 million project includes 89 units and recently celebrated its grand opening.
Managed by Evergreen Real Estate Group, Encuentro Square offers affordable housing options for families and individuals with incomes at or below 60 percent of the Chicago Area Median Income. The funding for this project was made possible through various sources including city-sourced Low-Income Housing Tax Credits generating approximately $32 million in equity, state tax credits from the city’s donation of the property providing $1.6 million in funds, TIF funds totaling $9 million from the city as well as loan funds amounting to over $14 million also sourced from the city.
According to David Block, Director of Development for Evergreen Real Estate Group: “This development is a testament to our commitment towards increasing affordable housing supply in desirable locations that are at risk of displacement due to investment.” With this new addition to their portfolio , CHA continues its efforts towards providing quality housing options for low-income residents while promoting community growth and stability.
“}]]
