CHICAGO-The city is using federal HOME program funds to acquire and sell land at the northwest corner of 87th Street and Ashland Avenue to a developer who will build a 72-unit senior housing building and retail development on the 2.1-acre site. In addition to the previously-approved sale of 17 parcels to All Chicago, LLC for $1 million, the city also will lend nearly $6.2 million to two developers who are taking over the $9.8-million project in the Auburn Gresham neighborhood.

Auburn Commons, LP is developing the senior housing portion of the development while Neighborhood Rejuvenation Partners, LP will develop the retail portion of the project located in the 87th and Ashland Redevelopment Project Area.

The $1-million purchase price is about $100,000 more than the properties’ market value, according to Cook County tax records. The breakdown is $680,000 for the retail parcels, $320,000 for the residential portion.

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