The building at 6565 S. Yale Ave. already was on the National Register of Historic Places, which allowed Luce to tap historic tax credits to finance his project, which cost about $10 million. The building also was designated a landmark by city officials.

The city's department of housing provided more than $5 million in a low-income housing tax credit, and the Illinois Housing Development Authority chipped in a $750,000 housing trust fund grant. Associated Bank provided construction financing.

CAR notes that in the three years since Luce started work on his building, the surrounding area that was once considered a wasteland has seen other redevelopment efforts, including the 100-unit Bernard Place development across the street.

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