Developer to build affordable housing in upscale Lincoln Park neighborhood

43rd Ward Ald. Michele Smith has announced the redevelopment of Children’s Memorial Hospital will reserve more than 10 percent of land for the construction of affordable housing.  McCaffery Interests Inc., which owns the 6½ acres between Fullerton and Lincoln avenues, has agreed to the proposal, and is currently looking for affordable housing developers to take on the project.  Under the 2007 Affordable Requirements Ordinance, developers building on public land or receiving public aid are required to either build affordable housing or donate $100,000 per unit to a city-wide Housing Opportunities Fund.  Lincoln Park activists saw the need to expand affordable options in an otherwise expensive neighborhood.  Local churches, non-profits, and private citizens joined to form the Children’s Memorial Redevelopment Coalition, lobbying Ald. Smith and McCaffery Interests to agree to the plan.  Under the ordinance, McCaffery is only required to reserve 10 percent of the land for affordable housing, but the Coalition is pushing for closer to 20 or 30 percent, creating around 200 rental units.

Chicago Now

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