The plan also includes 481 senior housing units, including the$10.4-million Senior Suites of Rainbow Beach at 2804 E. 77th Pl. inthe city's South Shore neighborhood.
The city will contribute $116 million through low-income housingtax credits, a $54-million loan and $6 million in tax incrementfinancing. "These new resources are critical at a time when publicfunds are limited, but the need for new housing is great," saysMayor Richard M. Daley.
The CHA multifamily developments include the $42-million,190-unit Robert Taylor Homes Phase A-1; $37.8-million, 184-unitRoosevelt Square Phase I developed by LR Development and HeartlandHousing; the $36-million, 162-unit Madden Wells Phase IB developedby the Community Builders; and the $23.6-million, 94-unit NorthTown Park Phase I developed by Holsten Real Estate DevelopmentCorp. and Cabrini LAC.
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