WTTW Chicago Tonight | Affordable Housing Development in Albany Park Heads to City Council
Plans for a 50-unit affordable housing development are underway in Albany Park, a diverse community on Chicago’s Northwest Side that is not alone in facing gentrification.The developer Celadon Holdings received support for the project from Chicago’s planning and development committee earlier this month, Block Club Chicago reported.
The project will head to the full City Council for approval in April. The development, which would be located on the corner of Lawrence and Central Park avenues, will use $2.5 million in TIF funds.
“The purpose of ROOTS … it works to prevent displacement of low-income families through developing a model to preserve affordable housing, especially with our two- to four-flat buildings in neighborhoods across Chicago and neighborhoods that are gentrifying,” said Diane Limas, vice president of Communities United’s board.
The developer is also in the process of acquiring and renovating over 200 other units in Albany Park, which it will then keep affordable, Limas said.
“Not only are we creating and bringing brand new units through the ROOTS initiative into Albany Park, but we are also preserving existing buildings by rehabbing these apartments and keeping them affordable as well,” Limas said.
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