U.S. Bank said it has closed on a $17.1 million financing package for a senior housing project in Humboldt Park. The project also has $4 million worth of tax-increment financing from the city.
Hispanic Housing Development Corp. has started construction of 72 units of senior apartments on a long vacant parcel. The complex at the southeast corner of North and Pulaski is due to open by October 2014.
U.S. Bank said it is providing $7.1 million in construction debt and $10 million of equity through tax credits for low-income housing through the Illinois Housing Development Authority. The program lowers construction costs and allows the units to be rented at below-market rates.
The city’s TIF support comes from the Pulaski Industrial Corridor TIF district. In 2012, the city approved an additional subsidy for the project by donating the land to the developer when its appraised value was $717,750.
The five-story building is to include one- and two-bedroom units, with rents starting at $195 per month.