ChicagoDowntown / Loop

West Loop affordable apartments topped out, closing in

by Joe Zekas on 7/25/14

The 10-story, 61-unit apartment building at 727 W Lake St in the West Loop is topped out and in the process of being closed in.

According to the developer, Interfaith Housing Development Corporation, all of the apartments will be rented to residents who earn at or below 50% of the area median income (AMI) and who are “at risk of being homeless.” A single person earning $25,800 or less a year would qualify for a studio apartment renting for a maximum of $725 a month.

All of the units in the building will be subject to the 50% of AMI income restriction.

The development is directly across the expressway from YoChicago’s offices, so it’s easy to keep you posted on the progress.

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{ 10 comments… read them below or add one }

Joey July 25, 2014 at 10:26 AM

hi joe,
i’ve always wondered this, but maybe you can give an answer. why does chicago do this? this is going to be subsidized housing and will bring in some unsavory people, in a prime area of the city. i don’t understand why. thanks.

Reply

Joe Zekas July 25, 2014 at 2:14 PM

Joey,

This project is not, as I understand it, going to receive ongoing subsidies. The subsidies have been front-ended in the form of TIF funds, low-income housing tax credits, etc.

I have no idea what you mean by “unsavory people” and would prefer if you don’t elaborate.

There are hard-working people who don’t earn enough to afford market-rate apartments in this location. Shouldn’t they have a chance to live near the restaurants, fish markets, etc. that they work at?

Reply

Joey July 30, 2014 at 2:45 PM

To answer your question, yes, they should have a chance and they do. But many of them do not make the most out of that chance and choose to be content with their standard of living.

When that standard of living starts to cross the lines of the actual hardworking people (no matter what their job is), that degrades the surrounding areas.

Long story short, work hard and be rewarded – to an extent. Not give the least effort as possible and expect to be rewarded with everything.

Reply

Captain Video July 26, 2014 at 6:22 AM

Right on Joe!
The idea that the working poor who do the dirty and unpleasant jobs needed to make society function are unsavory people is the most disgusting kind of elitism by too many privileged people. This will permit some of these workers to live where there are a lot of jobs available for them.

But the design of the building is bizarrely ugly. It really looks like a prison.

Reply

Joey July 30, 2014 at 2:40 PM

and what of those who are not working, but merely living off the government, just as they (and their parents, and grandparents before them) were taught to do?

Reply

dn July 28, 2014 at 10:39 PM

So only low income folks with a nearby job will be allowed to rent in this building….?

Reply

Joe Zekas July 28, 2014 at 11:12 PM

dn,

The units are income-restricted, but there’s no restriction on where the residents will work.

Reply

Joe Zekas July 30, 2014 at 3:29 PM

Joey,

It’s obvious to most of us that we know nothing about people who have yet to move into this building. Given that ignorance, we don’t prejudge them.

I’m extending you an invitation to take your very different brand of ignorance and your hateful prejudices elsewhere. This site is about real estate, and has no patience for unwarranted assumptions about people.

Further comments along the lines of what you’ve posted will simply be deleted.

Reply

Joey July 30, 2014 at 6:34 PM

I apologize if you feel that my comments are off topic. Please delete all my comments as it may seem to be non real estate related. Noted and thanks.

Reply

The Teacher August 4, 2014 at 9:27 AM

Wow the assumption that was just made about low income people was disgusting. Do you realize a large number of teachers and teachers aids would qualify as low income as I am a teacher so I definitely know. We are not lazy and we work harder than most people and get paid considerably less.

Two years ago I was brutally assaulted by a student which caused permanent nerve damage and loss of sensation in various parts of my body. I had to take disability and work comp and because the incident happened at school I was not able to sue the responsible parties for stealing a part of my life away at just 32. I worked hard my entire life, made straight A’s, went to a prestigious university and now some ignorant person wants to label me as unsavory for choosing a career that filled my heart versus filling my pocket.

May you never experienced the ignorance that you have just cast my friend. May God bless you with a soul too.

Reply

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