The new affordable housing development in the East Garfield Park neighborhood should be ready for its first tenant leases in early December, but it is ready to take applications this week.
This according to information provided by the Garfield Park Community Council Open Space and Land Use Committee. The update on the Fifth City Commons was given by the council during its monthly Zoom meeting Aug. 28. The development, in the works for four years, will have 43 income-restricted apartments.
Molly Ekerdt, vice president of the Preservation of Affordable Housing’s Chicago office, said that the construction is currently 84% completed and should be finished by Nov. 22. The date the first few leases are signed is expected to be Dec. 1.
“We’re almost complete on the East side of the building,” Ekerdt said. “We have a retail space on the first floor…and we’re going to give that over to a bookstore/restaurant tenant, which we are really excited about.”
Once the construction is completed for the development, the construction for the bookstore will follow, Ekerdt said. She said the anticipated completion for the bookstore and restaurant is sometime in the Spring of 2025.
Rental applications will be available starting Sept. 9 at https://fifthcitycommons.org. The leasing office is also expected to open that day and is located at the JLM Center at 2622 W Jackson, Suite 204. The office’s hours are 10 a.m. to 4 p.m. from Monday to Friday.
Ekerdt says that the Preservation of Affordable Housing office encourages anyone who is interested in the housing development to stop by the office or call with questions.
The affordable housing development is available for people whose incomes are $25,000 to $90,000 each year, depending on the family size. The occupations that are listed in this income range include teachers’ aides, health technicians and nurses’ assistants, cooks and food service workers, entry level bus drivers, janitorial and security industry workers, delivery drivers and entry level construction trades.
The rents on the tax credit units will be capped at a level that is considered affordable to families earning 80% of the Area Median Income or less. Specific amounts depend in part on size of family. Residents living in the development must income-qualify, the committee said.
Amenities offered at Fifth City Commons include a fitness center, community space and outdoor terrace, transit access, option for off-streets resident parking, dishwashers, efficient and solar-offset electric bills, composting and recycling services, a secured parcel room and cameras and access control.
The committee listed all the documentation that applicants need to show to be eligible. This documentation is as follows:
· Driver’s License or Photo ID for all adult household members
· Social Security Cards for all household members
· Birth certificates for all household members
· Most recent 6-8 consecutive pay stubs for all household members
· Bank statements for the last 6 months for all accounts
· Award letters from the Social Security Administration for all household members receiving Social Security and/or SSI
· All documents relating to Child Support or Alimony awarded to any members of the household
· Printout from the Court showing Child Support and/or Alimony payments received by any household member in the last 12 months
· All documents relating to TANF/AFDC benefits
· Statements for any stocks, bonds or other investments
· Statements for pensions and 401K plans
· Addresses and phone numbers for all employers and banks
· Copy of your last federal tax return
· Vehicle information (make, model, year and license plate number)
· Emergency contact info
· Contact information for housing references since you were 18
The City of Chicago financed the majority of the development in the form of Tax Increment Financing (TIF) and HOME investment Partnership Program (HOME) assistance, sales tax bonds, 4% Low Income Housing Tax Credits (LIHTC) and tax-exempt bonds. The leader of the construction process has been BMO Harris, and other sources of financial support include ComEd, SPARCC (Strong, Prosperous and Resilient Communities Challenge) and Illinois Solar for All.
