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5d ago

City Advances Tax-Credit Bid for 55 Affordable Apartments at Woodlawn’s Former Loretto Academy

A March decision on Low-Income Housing Tax Credits would determine whether the $43 million preservation project can proceed.

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Overview

  • Greenline Communities and 5T Development Partners plan to convert 1435 E. 65th St. into 55 income-restricted apartments comprising four studios, 40 one-bedrooms, and 11 two-bedrooms.
  • Seven units would be reserved for households earning under 30% of area median income, with the remaining 48 restricted to under 60% of AMI.
  • The Chicago Department of Housing selected the proposal to move forward in this year’s LIHTC application round, a step the developers call critical for feasibility.
  • The financing plan targets about $16 million in LIHTC equity, roughly $19.5 million in city funds, $6.1 million in federal historic tax credits, plus state credits and deferred developer fees.
  • Developers frame the adaptive reuse as a preservation effort that addresses affordability near the future Obama Center, with 5T Management slated to oversee property management.