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CHICAGO-A 12-story, 69-unit multifamily rental building in the Washington Park community on the city’s South Side will be on the auction block next month. The US Department of Housing and Urban Development will seek bids Aug. 21 for the 36-year-old Indiana Terrace Apartments at 6000 S. Indiana Ave. from developers in a position to do nearly $1.7 million in repairs.

HUD also is selling the building with one more proviso—units must remain affordable for the next 20 years. Rents for the one-, two- and three-bedroom apartments must be within reach of households earning 50% of the area median income.

Rehabbed in 1995, Indiana Terrace is projected to generate $468,628 in net operating income.

In addition to a $50,000 earnest money check, would-be buyers must provide a letter of credit for $422,171—25% of the projected costs to make needed repairs to the 52,480-sf building.

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