CHICAGO — Habitat and Cabrera Capital, in partnership with the Chicago Housing Authority (CHA), have broken ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Replacing a 32-acre site in Chicago’s Garfield Ridge community, the multi-phase project will ultimately include up to 700 residential units, approximately 440,000 square feet of commercial space and publicly accessible open space. The first phase includes two six-story buildings comprising 183 apartments offered in a mix of studio, one-, two- and three-bedroom floor plans. Ninety percent of the homes will be designated as affordable through income and rent restrictions supported by public financing for qualifying low- and moderate-income residents, while the remaining units will be offered at market rate. Funding sources for the $119 million first phase include a $27 million capital loan from CHA, $9.5 million in city multifamily program funds, $5.5 million in tax-increment financing, $33.7 million in Low-Income Housing Tax Credit equity, $1.3 million in Illinois Affordable Housing Tax Credit equity and a $1.2 million deferred developer fee. The financing structure brings together the CHA, the city, Bank of America and other mission-driven investment partners. …
