Chicago Construction News staff writer
Chicago City Council has approved the issuance of up to $25.4 million in financing to Casa Yucatan, LP for a new affordable housing project in the Pilsen neighborhood. The development will feature a mixed structure utilizing both 4% and 9% Low-Income Housing Tax Credits (LIHTC) to fund the construction of an 8-story building with 98 affordable housing units.
Designed to serve low-income families, the Casa Yucatan project will offer housing for households earning up to 15%, 30%, and 70% of the Area Median Income (AMI) through an income-averaging model. The project will also include 20 parking spaces, 10 accessible units, and 98 bike parking spots to support sustainable transportation options.
In addition to the LIHTC funding, The Resurrection Project (TRP) has secured a commitment from the Chicago Low Income Housing Trust Fund (CLIHTF) through its MAUI program to support 10 units of affordable housing.
The development will receive $13.4 million in Multi-Family Program Funds and $9.6 million in HOME funds for the 4% project, along with an additional $2.4 million in Multi-Family Funds for the 9% project.
The ordinances approved by the City Council designate Casa Yucatan, LP as the developer for the 9% tax credit project and assign Casa Yucatan 4 GP, LP or a similar entity as the developer for the 4% tax credit project.
The Resurrection Project acquired the property in 2021 with the goal of addressing the growing affordable housing crisis in Pilsen and providing quality, affordable housing options.
