"Our ability to write down the cost of land allows the city to help finance large portions of needed neighborhood redevelopment projects like safe, affordable housing for our seniors," says Mayor Richard M. Daley.
In addition to the $75,000 write-down on the nearly .25-acre site, South Park Affordable Housing and Services, Inc. will receive a $150,000 loan from the Chicago Department of Housing. In addition, the development arm of South Park Baptist Church has applied for low-income housing tax credits to build the 16-story building, which will consist of one- and two-bedroom units.
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