ChicagoSouth Side

Artist lofts proposed for 47th Street in Bronzeville

by Joe Zekas on 10/5/12

Two days ago we posted on a revised proposal for the Rosenwald Apartments at 47th and Michigan. Financing for the project would include $25 million in Tax Increment Financing (TIF) funds.

On the day of our post Mayor Emanuel requested $1.1 million in TIF funds for the rehabilitation of a vacant Bronzeville building at 436 E 47th St. The project, which is also slated to receive $4.4 million in federal Neighborhood Stabilization Program funds, includes 12,200 of commercial space and 16 live-work spaces for artists.

The studio, 1- and 2-bedroom loft apartments would be income-restricted and rented to residents earning no more than 60% or 120% of the Chicago-area median income.

The proposed development is on a desolate stretch of 47th Street, just east of the Harold Washington Cultural Center, a project that has had an entertaining financial history.

You can read the details of the 47th Street project’s scope, costs and financing in this PDF document.

Share:
  • Facebook
  • Google Buzz
  • Digg
  • LinkedIn
  • StumbleUpon
  • del.icio.us
  • Google Bookmarks
  • Live
  • Posterous
  • Reddit
  • Technorati
  • Tumblr
  • email

No related posts.

{ 4 comments… read them below or add one }

the urban politician October 7, 2012 at 2:23 PM

I love it, subsidized housing! The south side will BOOM AGAIN (chuckle chuckle)

What should be prime property along the south lakefront strip will once again be a gangster-infested slum for another generation.

Reply

SheridanB October 11, 2012 at 12:26 PM

47th and Michigan isn’t exactly my definition of lakefront (or do you mean Rosenwald).

Reply

Orion Blade December 5, 2012 at 8:19 AM

I see a reader is quick to disparage proposals with the label “subsidized”. The post mentioned TIF funds…is that the stigmatized subsidy? By logic…then does UofC’s TIF-funded Hyatt Luxury Hotel under-construction in Hyde Park count as a subsidized hotel for gangbangers? Let’s continue. When the federal govt subsidizes homebuying by allowing generous interest deductions against taxes owed, while local govt directly pays for the new sewer and water lines that developers need for the new housing, is that coast-to-coast subsidized housing…for gangbangers? Oh..and all that directly subsidized housing built coast-to-coast from 1945-through the 50s, that was restricted to sales only to returning GIs from WW2…more subsidized stuff for those 1940s gangbangers, right? Cuz only gangbangers, UofC notwithstanding receive govt subsidized stuff, right?
Right, yeah…I got ur point…ur coded words and all.

Reply

Orion Blade December 5, 2012 at 8:40 AM

BTW…”60% of AMI” means that renters of these properties will have their annual household (HH) income audited every year, where documentation is needed to prove the income stated and that no more than 30% of HH income is going to pay rent. And how much is the rent. Typically, in these reader-stigmatized-gangbanger proposals, the rent for a 2-bedroom unit in 2012 would be set at $1,016 per month, per IHDA, who is contracted to audit and regulate this, akin to the IRS role as defacto auditor and enforcer of homeowners mortgage interest deductions. And who created this subsidized hosuing? Well give thanks to President Reagan who authorized it in his 1986 Tax Reform Act, and publicly campaigned for its approval by Congress. Gangbangers! Celebrate!

Reply

Leave a Comment

Previous Post:

Next Post: