New affordable housing development breaks ground in Chicago’s Brainerd neighborhood
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Chicago’s Brainerd neighborhood will soon be home to Brainerd Park Apartments, 36 new one- to four-bedroom affordable apartments, providing families with quality housing in an amenity-rich location on Chicago’s south side. Through a partnership between Full Circle Communities and Christian Community Health Center, the development will serve families with a wide range of incomes and those transitioning from homelessness.
The new development is well-located near the Brainerd Metra station, library, and many retail options, including fresh foods. The building will feature a patio and small playground, private rooms for supportive service providers, a computer room, community room with outdoor access, and on-site management offices.
The project broke ground last month thanks to a $1.3 million loan from IFF, low-income housing tax credits (LIHTC) syndicated by National Equity Fund, a loan and land donation from the City of Chicago, and a grant from the Federal Home Loan Bank of Chicago. Capital One is providing construction bridge financing and a grant for long-term supportive services. Construction is expected to be complete in spring of 2018.
Christian Community Health Center (CCHC) has been serving Chicago’s south side for nearly 20 years and, since 2009, has utilized IFF financing for six projects and IFF real estate services for three projects. The federally qualified health center runs nine health clinics that provide primary care, dental care, mental health care, substance abuse treatment, and mobile services for HIV/AIDS treatment and female sex workers. In addition, CCHC further serves its clients through supportive housing. With more than 250 units across the south side, CCHC provides much-needed shelter, housing stability, and supports to families.
Full Circle Communities is a nonprofit developer of affordable housing committed to providing access to significant and targeted supportive services to its residents and surrounding communities. Full Circle operates more than 650 affordable apartments in three states. This is the second time IFF has partnered with Full Circle to provide long-term financing and access to the Federal Home Loan Bank of Chicago’s Affordable Housing Program.