The $13-million Stone Terrace project was financed by $6.325 million in tax-exempt bonds and a $4.1-million no-interest loan from the city, along with a $750,000 low-interest loan from the Illinois Housing Development Authority. Additionally, the Chicago Equity Fund put up $1.3 million in equity.
The city financing requires the project to remain affordable for 40 years. For now, that means families earning less than $37,700 a year.
The SOS Children's Village project will put a residential development and day care center on an irregularly-shaped 7-acre site bounded by railroad tracks.
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