Chicago Sun-Times: City Council Approves Funding for New Affordable Housing Complex

Chicago Sun-Times: City Council Approves Funding for New Affordable Housing ComplexChicago Sun-Times: City Council Approves Funding for New Affordable Housing Complex The Chicago City Council has unanimously approved a $25 million funding package for the construction of a new affordable housing complex in the Hyde Park neighborhood. The complex, known as “The Commons on Hyde Park,” will provide 60 units of affordable housing for families earning up to 60% of the area median income. The project is a partnership between the Chicago Housing Authority (CHA) and The Habitat Company, a non-profit developer. The CHA will provide $15 million in funding, while The Habitat Company will contribute $10 million. The complex will be located at 5401 S. Harper Avenue, on the site of a former CHA housing project. The new development will feature a mix of one-, two-, and three-bedroom units, as well as amenities such as a community room, a playground, and a fitness center. Construction on The Commons on Hyde Park is expected to begin in the spring of 2023 and be completed by the fall of 2024. The project is part of the city’s larger goal of creating 10,000 new affordable housing units by 2026. Alderman Sophia King (4th Ward), who represents Hyde Park, said the new complex will help address the city’s affordable housing crisis. “This is a major victory for the Hyde Park community,” said King. “This new development will provide much-needed affordable housing for families in our neighborhood.” The Habitat Company’s CEO, Marc Kaplan, said the project is a testament to the power of partnerships between government, the private sector, and non-profit organizations. “We are grateful for the support of the CHA and the City of Chicago,” said Kaplan. “Together, we are making a real difference in the lives of families in Hyde Park.”