TRC Receives Affordable Housing Program Subsidy
The Federal Home Loan Bank of Chicago has awarded TRC an Affordable Housing Program (AHP) subsidy to support the planning and construction of Abrams Intergenerational Village (AIV). Expected to break ground in Fall of 2024, this intergenerational residence in Chicago’s Washington Park neighborhood will be located kiddy-corner to TRC’s Senior Village 1 which opened in 2010.
“AHP subsidies provide support for affordable housing in partnership with our member institutions, community organizations, developers, public housing authorities, and tribal governments,” said Katie Naftzger, Community Investment Officer, FHLBank Chicago. “Since 1989, FHLBank Chicago has awarded more than $559 million in AHP subsidy grants. The Bank understands the challenges associated with affordable housing development and works to address the critical need for economic support in both rural and urban communities across Illinois. We are proud to congratulate The Renaissance Collaborative on their AHP award and their dedication to improving the communities of Chicago.”
AIV will be a 71-unit, 6-story new construction building composed of:
21 apartments for grandfamilies (grandparents aged 55+ raising grandchildren)
12 low-income seniors (including grandfamilies) living communally
32 seniors in private apartments
6 college students aged 18-24 experiencing homelessness who will act as resident assistants
Community rooms, accessible gardens and play areas.
Fitness, library, and computer rooms accessible to all.
On-site social work staff will provide support services for children and seniors.
TRC will be the sole owner of AIV and is still in the process of finalizing additional funding for what is anticipated to be a $33 million development. Low-Income Housing Tax Credits have already been secured from the Illinois Housing Development Authority and the city of Chicago has contributed to the project as an Equitable Transit-Oriented Development. It would be affordable in perpetuity.
