Chicago City Council Approves $6M Loan For Lakeview Landing Affordable Housing Project

The Chicago City Council approved a $6 million construction loan for Lakeview Landing, a 37-unit affordable housing project located at 835 West Addison Street in Chicago. The loan is provided by The Chicago City Council, as part of the city's efforts to address affordable housing issues. Developed by Over the Rainbow Association and led by Eric Huffman, the project aims to provide affordable housing options in the Lakeview area.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $6,000,000
• Lender: The Chicago City Council
• Landlord: Over the Rainbow Association - Eric Huffman

This development project received a $6 million subsidy from The Chicago City Council, highlighting the city's commitment to tackling affordable housing challenges. Lakeview Landing, led by Over the Rainbow Association and Eric Huffman, strives to create a positive impact by providing 37 affordable housing units in the Lakeview neighborhood. The project aligns with Chicago's broader plans to increase funding for affordable housing and anti-homelessness initiatives, potentially through the implementation of raised transfer taxes.