This decision pertains to the development of fifty low to moderate-income rental units at 1800 S Michigan Ave in Chicago. The project will include parking and common areas and will be financed through a combination of private, city, and federal loans. The financing will also be supported by syndicated tax credit assistance to entities including MHL 3 Prairie District Apartments Michigan GP-LLC and Mercy Housing Lakefront. The final decision was passed by the City Council on September 18, 2024, following its introduction on July 17, 2024.
This decision is critical in addressing the need for affordable housing in Chicago. It ensures that low to moderate-income individuals have access to quality rental housing, contributing to the city's broader goals of urban development and housing equity.