Bickerdike's La Estancia development will offer one- tofour-bedroom units ranging in rent from $450 to $650 a month,according to department of planning and development officials,which puts them within reach of households earning 50% or less ofthe area's median income. The housing for working families is in aredeveloping Humboldt Park area that is seeing three-bedroomcondominiums selling in the neighborhood of $350,000, they add.

Tax increment financing is needed to help the nonprofitdeveloper of affordable housing build the 57 units, as well as12,585 sf of retail space that also will be leased to merchants ataffordable rates, over two separate sites, says Colleen Stone ofthe department of planning and development. "Without TIFassistance, completion of this project would not be feasible," shesays.

While retail space already is being leased for $22 per sf ormore east of Western Avenue, La Estancia will offer rates more inline with the $8 per sf to $12 per sf local merchants are used topaying a mile west, says Enrique Salgado, executive director of theDivision Street Business Development Association.