Popular on Rezul


Similar on Rezul

Chicago: Mayor Brandon Johnson Cuts Ribbon on Austin United Alliance Apartments, Bringing 78 Mixed-Income Homes to Austin's Soul City Corridor

Rezul News/10745251
CHICAGO — Today, Mayor Brandon Johnson joined Oak Park Regional Housing Center (OPRHC), Pivotal Housing Partners, Ald. Emma Mitts (37th), Department of Housing (DOH) Commissioner Lissette Castañeda, Department of Planning and Development Commissioner (DPD) Ciere Boatright, and Austin community members to cut the ribbon on Austin United Alliance, a 78-unit mixed income development 5200 W. Chicago Ave. The City-backed project will anchor the ongoing adaptive reuse of the historic Laramie State Bank building in the heart of Austin's Soul City Corridor.

"This project preserves Austin's history while advancing our vision to turn the page on disinvestment and neglect in our communities," said Mayor Brandon Johnson. "This investment will instantly become one of the crown jewels of the Soul City Corridor, bringing new energy and opportunity to the Austin community. Our administration is committed to building upon this incredible momentum with additional bold, community-centered investments that will help drive lasting growth and prosperity on the West Side."

Led by co-developers ORPHC and Pivotal Housing Partners with City financing support, the $51.7 million project transformed a formerly vacant lot into 50 high-quality affordable homes available to households earning at or below 50% and 60% of the area median income in addition to 28 market-rate units.

Future phases will bring a new bank branch, cafe, co-working space, and Blues Museum to the historic structure. The redevelopment is intended to drive further investment in new housing, commercial space, jobs, and community activity along the Soul City Corridor.

"Together, this collective is demonstrating what is possible when public, private, and community partners work hand-in-hand to deliver high-quality homes, strengthen neighborhood corridors, and create lasting impact for one community, Austin, and for all Chicagoans," said Athena Williams, long-time Austin Resident and Executive Director of OPRHC. "We are grateful to the City of Chicago for its commitment and partnership in making this vision a reality."

More on Rezul News
"Pivotal Housing Partners is incredibly proud to be a leading partner in bringing this development to life. This project speaks directly to our mission—creating high-quality housing, investing for the long term, and working alongside community partners to strengthen great neighborhoods," said Wyllys Mann, Senior Vice President, Pivotal Housing Partners. "On a personal level, as a sixth-generation Chicagoan, it's especially meaningful to see the City and so many other stakeholders investing in community-based housing that will be home to the next six generations of Chicagoans in Austin."

One of the projects supported through the INVEST South/West initiative, Austin United Alliance benefited from $12.9 million in tax increment financing (TIF) funds and $14.45 million in multifamily loan funds provided by DOH, supplementing an annual allocation of approximately $2.3 million in City 9% Low-Income Housing Tax Credits (LIHTC), expected to generate approximately $20.7 million in LIHTC equity.

"This project will include 50 units of affordable housing for families who need it," said DOH Commissioner Castañeda.  For example, this would be for a family of four making sixty to seventy-three thousand dollars a year.  That's the single mom working two jobs to make ends meet. It's the grandma on disability and the grandfather on a fixed income, and it's the young family on their own trying to ensure they keep the roof above their heads and food on the table. "

The six-floor development houses 41 one-bedroom apartments, 32 two-bedroom units, and five three-bedroom apartments while offering residents over 1,900 square feet of amenity space, a rooftop deck, courtyard greenspace, and on-site garage parking spaces.

More on Rezul News
Located within the Soul City Corridor, a stretch of Chicago Avenue in Austin where the Johnson administration has led a comprehensive revitalization effort through targeted, community-driven investments in infrastructure and streetscape improvements.  The development also reflects the goals of the Chicago Department of Transportation's (CDOT) Travel Demand Management (TDM) program.

TDM encompasses strategies and policies designed to manage and reduce travel demand, with the goal of reducing the number of Single Occupancy Vehicle (SOV) trips while promoting sustainable transportation modes including walking, cycling, and public transportation.

In August, CDOT released updated TDM Rules and Guidelines that prioritize meaningful investments in safer streets, stronger transit connections, and better options for people walking, rolling and biking. The updated guidelines also support Mayor Johnson's Cut the Tape initiative by giving developers clearer expectations from the outset and making the review process more efficient, transparent and consistent.

The project is located near multiple CTA bus routes and within approximately half a mile of a CTA Green Line station, with nearby access to schools, parks, grocery stores, and neighborhood restaurants. The development is also planned to meet Enterprise Green Communities standards and will incorporate solar panels, a green roof, parkway trees, and a landscaped courtyard.

Filed Under: Government, City
Show All News | Disclaimer | Report Violation

0 Comments

Latest on Rezul News