MAC Properties, 5th Ward partner to help create affordable housing

Staff Writer

With the help of Ald. Leslie Hairston (5th), MAC Properties and the Coalition for Equitable Community Development (CECD), forged a partnership on Thursday, Oct. 5, to help provide unique affordable housing opportunities for residents of the Hyde Park area.

The partnership is designed to fulfill an agreement reached by the two parties back in 2007, after MAC Properties announced plans for the development of the Solstice on the Park building, 1616 E. 56th St., which is scheduled to open in March of 2018.

“I think its good,” Hairston said. “We have to do things that will help those that have been in the neighborhood the best we can.”

The affordable apartments will be located north of the Solstice on the Park building at 5528-5532 S. Cornell Ave., and will include studios, one and two bedroom units and will lease to individuals or families whose household income is less than 60 percent of the area median income as defined by the City of Chicago.

CECD and MAC Properties will host two public meetings to provide more specific information for those interested on Wednesday, Oct. 18, from 6 p.m. to 8 p.m. and Saturday, Oct. 21, from 10 a.m. to noon at Treasure Island Food Store Meeting Room (Lower Level), 1526 E. 55th St.

According to a statement by the CECD, resident applicants need to demonstrate that they can earn at least two times the monthly rent each month and pass both credit and background checks to qualify.

Representatives of MAC Properties will be available to answer questions, provide assistance and take applications.

Residents are also required to bring identification, most recent pay stubs or source of income for the part three months, most recent signed tax return, bank statements for the past three months, a verification of employment form and a zero income affidavit form for all household members 18 or over with no income.

The income levels for 2017  (that are subject to change by the City) to meet the affordable housing criteria, along with other application requirements according to the city, 60 percent of median income limits are:

One-person household= $33,180, two-person household= $37,920, Three-person household= $42,660, and a four-person household = $47,400.

Rent prices include studios for $760 per month, one bedrooms for $802 per month, and two bedrooms for $964 per month.

“This is a unique opportunity to significantly increase affordable housing in one of the most popular areas of Hyde Park,” said Pat Wilcoxen, president of CECD. “And represents a historic agreement between a developer and the community that should be a model for the rest of the city.”

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