Chicago’s Mayor Brandon Johnson has revealed the initial two developments that will be financed by the Housing and Economic Development (HED) bond. This fund is dedicated to creating and preserving affordable housing in the city.
The first development, CARE Manor, will offer 44 units in West Garfield Park. The project is estimated to cost $31.6 million, with $9.6 million coming from HED funds. It will be located at 4531 W Washington Blvd and consist of new construction.
The second development, Prairie District, involves rehabilitating a six-story SRO building into Permanent Supportive Housing with 100 units available for rent at an affordable price point. Located at 1801 S Wabash Ave., this project is expected to cost $54.9 million with $10 .9million provided by HED bonds.
Mayor Johnson stated that these investments are part of their efforts to combat the housing crisis in Chicago by providing more affordable homes throughout various communities within the city.
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