A new 36-unit affordable housing complex opened on July 30 in East Garfield Park. The Harvest Homes Affordable Housing development, at 3512-46 W. Fifth Ave., comprises four, three story buildings that were constructed at a cost of $14.1 million. Construction started in 2015 on what was formerly a vacant lot.
Mayor Rahm Emanuel and Ald. Jason Ervin (28th) were among city officials and community leaders on hand at last Sunday’s grand opening ceremony, according to a statement released by the mayor’s office.
“Harvest Homes demonstrate the city’s strong commitment to the development of affordable and high-quality housing options for neighborhood residents, Emanuel said. “I want to thank the many partners who came together to make this project a reality.”
The housing complex, which was developed by People’s Community Development Association of Chicago Inc. and The NHP Foundation. According to a statement released by PCDAC, Harvest Homes is the first new affordable housing complex built in East Garfield Park in three decades.
“It has long been a vision of PCDAC to bring affordable housing to East Garfield Park, so that residents who desire to remain and raise their families here can enjoy quality housing at an affordable price,” said Rev. Michael Eaddy, PCDAC’s president and pastor of People’s Church of the Harvest Church of God in Christ.
Harvest Homes, which includes units that range from two- to four-bedroom apartments, is open to residents who earn up to 60 percent of area median income, according to the city’s statement. That translates to between $22,000 and $60,000 in annual household income, according to PCDAC’s website.
“This project will bring modern and affordable housing to East Garfield Park,” said Ervin. “By investing in new housing and amenities for our residents we can build a strong future for the West Side and all of Chicago.”
Richard Burns, the CEO and president of NHPF, said that East Garfield Park “is a remarkable component of the revitalization of Chicago’s West Side.”
“Replacing vacant lots with safe, quality housing not only attracts new residents, but strengthens the sense of community in the neighborhood as well. With quick access to the Garfield Park Conservatory and expressway, the neighborhood is becoming an attractive place to relocate for those seeking affordable housing in Chicago.”
The mayor’s statement explained that the new project included $1 million in Tax Increment Financing (TIF) support and around “$1.4 million in low-income housing and donation tax credits that generated $12.7 million in equity for the project. Other funding sources include a grant from the Federal Home Loan Bank and a private mortgage loan,” the city explained.
The project is part of the city’s $1.3 billion housing plan, which includes public and private funding, that will be leveraged to rehab or preserve over 40,000 affordable housing units by the end of next year.