Kutak Rock Represents Not-For-Profit Developer of Senior Housing ComplexNews | April 11, 2017
Kutak Rock represented the not-for-profit developer First Baptist Congregational Church in financing the development of The McCrory Homes, an affordable senior housing complex to be built on Chicago's Near West Side.
The apartments will be set aside for those 62 and older and will be reserved for residents making no more than 60% of the area's median income. The building will include a mix of one- and two-bedroom units as well as a community room, fitness center, theater space, offices, laundry facilities and patio. The apartment complex will be built with $4.1 million from the area's tax increment financing district. In addition, a quarter-acre of land valued at $697,000 was provided for the project for $1 by Chicago city officials.
The complex, at 1637 W. Washington Blvd., will be named for the Rev. Henry McCrory, the founding pastor of the First Baptist Congregational Church, which developed the project that has been in the works since 2005.
The project also is being financed with $13 million in low-income housing tax credits and tax credit equity from the Illinois Housing Development Authority as well as $600,000 from the Federal Home Loan Bank, officials said.
Chicago Mayor Rahm Emanuel, a staunch supporter of the project, said the McCrory apartments are a win-win: "They will turn a vacant lot into 62 affordable new homes while creating new jobs on the Near West Side of Chicago."