December 20, 2010 – (RealEstateRama) — Mayor Richard M. Daley today officially opened the new Branch of Hope Apartments, which will provide 100 units of affordable, supportive housing in the City’s Englewood community
“Branch of Hope is another new development that demonstrates the city’s strong commitment to providing affordable and supportive housing for our residents who need it,” Daley said in a ceremony at the apartments, 5628-30 S. Halsted St.
“And it will serve as a new community anchor to help make the Englewood neighborhood stronger,” he said.
The Branch of Hope apartments will provide the 100 units of housing with on-site supportive services to help very-low income and formerly homeless individuals overcome their problems and resume healthy and productive lives.
In addition to the housing itself, the facility will provide job training and health care services to its residents. The Interfaith Housing Development Corporation — the developer of Branch of Hope — has contracted with a local service agency, Olive Branch Mission, to provide case management services to residents.
“Government has to play a role, and so our commitment to affordable housing is more important than ever, especially as we continue to endurea housing crisis and a recession,” he said.
Since 1989, the City has invested more than $4.5 billion in local, state, federal, and private funds to create, improve and maintain more than 215,000 units of affordable housing for people of modest means
Daley thanked the Interfaith Housing Corporation for helping the City achieve its affordable housing goals.
And he thanked the Chicago Housing Authority for financial support that makes it possible for former CHA residents to live at Branch of Hope.
The complex will include activity rooms, a laundry room, on-site parking and many green practices have been incorporated into the design, including a geothermal heating and cooling system that will help lower utility costs.
In addition to providing the land for the development, the City also is investing $13 million in bonds, which will generate about $900,000 in tax credits.
Branch of Hope received $8.5 million in federal Tax Credit Exchange Program dollars – a part of the economic stimulus program designed to provide capital for shovel-ready affordable housing projects during the downturn in the economy.
The Illinois Housing Development Authority provided $296,000 in donation tax credits and the Illinois Department of Commerce and Economic Opportunity provided an energy grant of $247,000.
“Branch of Hope is another great example of government working with partners to improve the quality of life for all our residents. Through innovation and cooperation we continue to move forward in addressing the affordable housing needs of our residents citywide,” Daley said.
Mayor’s Press Office 312.744.3334