title
Authorization to increase CHA loan funds for Lathrop 1C.
end
Development
Address
Community Area
Target
Population
Lathrop 1C
Corner of Leavitt St. & Clybourn Ave. to the north, Damen Ave. to the east, corner of Chicago River & Damen Ave. to the South, and Chicago River to the west
Lincoln Park
Families
presenter
Presenter: Kemena Brooks, Chief of Staff
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Recommendation
The Operating Chairman of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the Operating Chairman or his designee to: 1) increase the maximum CHA loan by an amount by $4,000,000 for an amount not to exceed $41,000,000 for the development of Lathrop 1C and 2) execute and deliver such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
Property Summary and Estimated Contract
CHA Loan Source
Type of Loan
Not to Exceed Amount
CHA Funds
Construction/Permanent
$41,000,000
Contract Term
Total Units
RAD PBV Units
Initial Estimated
Contract - 1st Year*
Total Estimated
Contract - 20 Years
RAD HAP 20 years (with automatic renewal)*
309
121
$3,008,817
$71,156,408
* The 1st Year contract rent will be updated to include the 2026 operating cost adjustment factor once it is issued.
Funding
This item recommends approving a maximum of $4,000,000 in additional loan funds for the Lathrop 1C development. This change would result in a not-to-exceed total of $41,000,000 in CHA funds and taxable bond proceeds for this project.
Compliance
Subject to compliance with M/W/DBE & Section 3 Participation.
Background and Approach
Lathrop 1C is the third phase of the Lathrop redevelopment project. The overall revitalization plan for Lathrop is a multi-phased, mixed-income, mixed-use redevelopment effort. The first two phases of Lathrop delivered 179 CHA units and 488 total units.
Phase 1C preserves seven of the existing historic residential buildings and one new construction building to deliver a to...
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