CHA Approves Construction Financing For Logan Square LGBTQ Housing
An LGBTQ-friendly 88-unit Logan Square development that will be split between affordable housing and Chicago Housing Authority allotments was approved for $12.5M in construction financing from CHA, Curbed Chicago reports. The John Pennycuff Memorial Apartments at Robert Castillo Plaza is an outlier in Logan Square's multifamily activity in that none of the units being built will be rented at market rates.
The development's namesake, John Pennycuff, died in 2012; his husband, Robert Castillo, strives for affordable housing and gay rights in Logan Square. Last December, the City Council Finance Committee unanimously approved borrowing $16M for the $23M project. The development's capital stack includes $4M in tax increment financing and tax credits, and private capital.
CHA also approved $22M in construction financing for two mixed-income housing developments, paired with architecturally significant public libraries, at Independence Park and West Ridge. A third project is in the works at 1340 West Taylor, in Little Italy.
