Chaney Braggs

6450 S. Stony Island Ave. Chicago, IL

The redevelopment of this vacant property for a community-based non-profit created 23 units of affordable housing and 8,000 square feet of first floor retail space, while encouraging other investment in the east Woodlawn community. To satisfy the client’s desire to create permanently affordable housing, the capital structure was designed to minimize the operating burden by pairing two layers of below-market financing from the Illinois Housing Development Authority and a Cook County real estate tax abatement.