West Garfield Park may be getting more affordable housing units. Last month, Mayor Rahm Emanuel recommended that aldermen pass financial measures that would help the Chicago Housing Authority (CHA) fund a $60.8 million gut rehab of the Fannie Emanuel Apartments, 3916 W. Washington Blvd.
The rehabilitation would open up 181 one-bedroom senior housing units that would include new mechanical systems, a lobby, fitness center and improved landscaping, according to a statement released by the city.
Temporary and permanent financing for the CHA project would be provided through a $35 million bond allocation ceded by the city, in addition to $2.4 million in low income housing tax credits. The financing is expected to generate $25 million in equity for the rehabilitation project.
The units would be leased to low-income senior citizens who earn “up to 60 percent area median income,” according to the city. Tenants would allocate 30 percent of their monthly income to rent, while further rental assistance would be provided by the U.S. Department of Housing and Urban Development.
Constructed in 1963, the Fannie Emanuel Apartments were originally called the Park View Apartments. The building closed in 2007 due to major problems with the mechanical system. The building is currently named after Dr. Fannie Emanuel, the African American physician who founded the Emanuel Settlement House in Chicago in 1908.