Encuentro Square, a two-building, multifamily complex in Logan Square, Chicago, between 3759 W. Cortland St. and 1844 N. Ridgeway Ave., at the western side of the 606 Trail, had its groundbreaking ceremony yesterday. complex partners and government officials attended. The former Magid Glove factory’s property was developed by Latin United Community Housing Association (LUCHA) and Evergreen Real Estate Group.
The complex, created by Canopy / architecture + design, will offer 89 affordable units at or below 60% of AMI. There will be a teaching kitchen, on-site administration offices, bike storage. Moreover, a children’s area a lounge, and a courtyard are just a few of the features available at Encuentro Square.
Furthermore, tenants will also have access to financial education and counselling, home-based head start. This is thanks to a collaboration with the Children’s Place Association, and other community support services. A total of 70 of the 89 units are family-sized ones with two bedrooms or more. The CHA will provide long-term project-based rental support for 55 units, 44 of which are family-sized homes.
How the Encuentro Square multifamily complex is funded
Encuentro Square is being financed with about $32,300,000 in equity produced by Low-Income Housing Tax Credits from the City. Additionally, $1,666,400 in funds from state tax credits from the City’s donation of the project property. Further, $9,000,000 in TIF funds from the City, $14,827,230 in loan funds from the City, and $6,780,000 in private mortgage debt.
“CHA is honoured to play a significant role in Encuentro Square. This project serves as an example of what can be achieved when public and private sector players work together to guarantee affordable housing in fast-gentrifying neighbourhoods like Logan Square. 55 of the 89 families will have the security of long-term home stability thanks to CHA’s financial support. Families who reside in Logan Square—and who adore Logan Square—can stay in this neighbourhood for years to come with the help of this rental assistance, according to CHA CEO Tracey Scott.