Project Underway in Oak Park for Affordable Housing

The Interfaith Housing Development Corporation, along with the Village of Oak Park, and the Cook County Bureau of Economic Development   gathered with others in the community to start the rehabilitation of 820-832 West Madison, Oak Park to affordable housing.  Formerly used for industrial purposes, the Village of Oak Park approved the required zoning  for this transition to occur .  The project received a $2,000,000 HOME loan coordinated through the Cook County Bureau of Economic Development.    100% of tenants will earn at or below 50% of the area median income (AMI).   All units will be accessible to persons with disabilities.

Additional components of this project are:
• Adaptive reuse of a commercial structure that has been vacant since 2008 promoting neighborhood stabilization
• Project will incorporate green features and is a candidate for LEED certification
• Catholic Charities of the Archdiocese of Chicago will provide an array of valuable supportive services furthering household stability
• Project is receiving project-based vouchers for several units via the Oak Park Housing Authority
• The Oak Park Residence Corporation will provide property management services

Construction completion is scheduled for fall of 2013.  For more information about the Interfaith Housing Development Corporation, go to their website at: http://www.ihdc.org/
To learn more about Cook County’s proactive approach to economic development, please go to our website/blog at www.cookcountyil.gov/economicdevelopment

 

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