37th Street School Finds New Life
Conversion of long-vacant school to affordable housing is underway.
A long-vacant school will soon become 49 apartments.
Amenities in the project include raised bed gardens, a community room with kitchenette, exercise room, walking trail, outdoor patio and a laundry room on every floor. The development team engaged the neighbors to identify amenity preferences.
The project was first proposed in 2017, but it took years to secure financing. The bulk of the financing package consists of low-income housing tax credits. The city is also contributing $460,000 via a developer-financed tax incremental financing district.
The city’s TIF district would effectively provide a rebate on any property taxes generated by the project over 20 years, not to exceed the base grant amount plus 5.5% interest. The deal places the risk on the developer and has increasingly been used to plug financing gaps in affordable housing projects.
The project’s financing package also relies on historic preservation tax credits, $135,000 from the city’s Housing Trust Fund, $200,000 in city HOME funds and $645,000 from the Federal Home Loan Bank of Chicago’s affordable housing program.
The project was originally scheduled to be completed in 2021. Construction work started in 2020.
MPS was paid $210,000 for the building, addressed as 1715 N. 37th St.
It’s not the only project on the block. Contractors could be spotted gutting homes at 1714-1716 N. 37th St. and 1726-1728 N. 37th St. Both are part of a scattered-site affordable housing development by Gorman & Co.
Pre-Construction Photos and Rendering
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