Habitat Receives $4.5M in LIHTC Financing for Renovation of Riverside Village Affordable Housing Property in Chicago

by Kristin Harlow

CHICAGO — Habitat has received $4.5 million in Low-Income Housing Tax Credits (LIHTC) from the City of Chicago for major renovations to Riverside Village, a 258-unit affordable housing property in the city’s Riverdale neighborhood. Located at 13215 S. Indiana Ave., the community is comprised of 39 buildings. The tax credits will enable Habitat to refinance existing debt on the property and fund onsite rehabilitation work, including new plumbing and HVAC systems, upgraded unit interiors, improved accessibility in common areas and exterior improvements to the playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be completed in 2026.

Riverside Village was among 13 LIHTC developments selected by Mayor Brandon Johnson and the Chicago Department of Housing to be funded through the 2023 Qualified Allocation Plan. Every two years, the City of Chicago publishes an updated Qualified Allocation Plan, which sets the rules for assessing federal tax credits.

Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. Habitat purchased the property in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt and subordinate loans from the city and the U.S. Department of Housing and Urban Development.

The property offers one-, two-, three- and four-bedroom units. Habitat dedicates 95 percent of the units to households earning 60 percent of the area median income (AMI) or less and 5 percent of the units to households earning up to 30 percent of the AMI.

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