The $26-million South Park Plaza development would include a 60-to 65-year land lease with the CHA, first and second mortgagestotaling $16.4 million as well as a $500,000 federal grant, saysGlenview, IL-based affordable housing consultant Thomas F. Monico.In addition, the development team will lease the 9-acre sitebetween two hospitals – Mercy and Michael Reese -- from the CHA for65 years.

While the Woodlawn Community Development Corp. is the generalpartner in the project, the National Equity Fund may be enlisted asa limited partner, says attorney Elvin Charity, providing thedevelopment group with low-income tax credits.

"It's obviously a very complex transaction from a financialstandpoint, but also from a community standpoint," Charitysays.

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