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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