CHICAGO — UnitedHealth Group has provided $15.4 million in construction financing for 508 Pershing at Oakwood Shores in Chicago’s Bronzeville neighborhood. Of the apartment building’s 53 units, 68 percent will be designated as affordable for households earning up to 80 percent of the area median income. The remaining 32 percent of units will be market-rate. Twenty of the units will receive public housing subsidies, enabling residents to pay income-based rent equal to 30 percent of their adjusted gross incomes. Amenities will include a resident lounge, fitness center, dog wash and bike storage. The four-story development will also include 3,500 square feet of ground-floor retail space. National Affordable Housing Trust and The Community Builders Inc. (TCB) are the developers. TCB will also provide onsite resident services, such as workforce development, youth development and health and wellness. Construction is underway with completion slated for the first quarter of 2022.
Known as 508 Pershing at Oakwood Shores, the project will rise four stories and include 53 units.
UnitedHealth Group Provides $15.4M for Construction of Mixed-Income Housing Project in Chicago
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