CHICAGO (April 25, 2016) — The proposed revitalization of the Chicago Housing Authority’s (CHA) Lathrop Homes community took a pivotal step toward an anticipated 2016 groundbreaking, after the project was allocated federal tax credits to support affordable housing to be built on site.
The Illinois Housing Development Authority (IHDA) on April 15 awarded $2.25 million in federal Low Income Housing Tax Credits to Lathrop Community Partners (LCP), the team shepherding the Lathrop Revitalization Plan. The tax credits will be sold to a private investor and the equity generated will support the construction of a portion of the Phase I development, which includes a mixed income development with 250 units of affordable housing for CHA and working families.
“The IHDA awarding of $2.25 million in federal Low Income Housing Tax Credits for the Lathrop Homes revitalization is a significant financial milestone,” said Chicago 1st Ward Alderman Joe Moreno. “This critical financial support increases the likelihood that the long-awaited rehabilitation will begin later this year. It also brings Lathrop residents one step closer to realizing the CHA promise of high-quality housing choices and improved community amenities at the Julia C. Lathrop Homes."
“We’re very grateful to IHDA for approving our application for tax credits, which will play an instrumental role in creating housing opportunities for those who are currently blocked by price barriers in the area,” said Jacques Sandberg, Vice President of Related Midwest and Lathrop Community Partners (LCP). LCP is a development partnership between the Bickerdike Redevelopment Corp., Heartland Housing and Related Midwest.
“Chicago offers tremendous opportunities for working households, but families are finding it difficult to find affordable rents as housing costs rise across the city,” IHDA Executive Director Audra Hamernik said. “Lathrop Homes has been an asset to the community for nearly 80 years, and we are excited that IHDA’s investment will preserve much-needed affordable housing near jobs, transportation and all of the amenities the city has to offer.”
“As a partner in the redevelopment of Lathrop Homes, CHA is very pleased that the project has been awarded tax credits by the Illinois Housing Development Authority, which recognized the importance of this project to the community,” said CEO Eugene Jones, Jr. “This is an important step in moving the development process along. We continue to work closely with the development team and community stakeholders as plans for Lathrop move forward.”
The decision keeps the proposed Lathrop revitalization on course for an expected late-summer closing date and the ensuing construction of the first phase of a mixed-income community that, with its acclaimed architectural character and riverfront views, is poised to become a model redevelopment for CHA.
The proposed revitalization honors Lathrop’s origin as a pioneering public housing development by setting a new aesthetic standard. Through an unprecedented combination of economic integration, historic preservation and natural restoration, the property will be reborn with contemporary amenities coalescing with the site’s authentic architecture.
Some of the key attributes of the Lathrop Revitalization Plan include:
About the Lathrop Homes Lathrop Community Partners, a collaboration between Bickerdike Redevelopment Corporation, Heartland Housing and Related Midwest, has partnered with the Chicago Housing Authority to lead a multi-year, multi-phase revitalization of the historic Julia C. Lathrop Homes development on Chicago's Northwest Side. Situated between the Bucktown and Roscoe Village neighborhoods, Lathrop Homes is a 34-acre site bordered by the Chicago River, Diversey Parkway, and Clybourn and Damen streets. The redeveloped Lathrop Homes will be a mixed-income, mixed-use community that will include public, affordable and market-rate housing along with significant green and open space. For more information, visit www.LathropCommunity.org.
