There are no federal programs that provide major funding for affordable housing that targets the working middle class earning between 50 % and 80 % of Median Income (i.e. AMI). New projects must also be Triple Bottom –Line Developments (profitable, serve a public benefit and (”green”). Urban Work Force housing cannot be built without financial incentives. As income decrease, the demand for workforce housing increases. We have devised a creative solution.

The McKinley Park Village Workforce Housing Development at 3600 South Western meets this demand. The site is proximate to public Transportation, borders the popular Bridgeport neighborhood, home of U.S. Cellular Field, and is a short walk to McKinley Park, one of Chicago’s great parks.
Phase 1: Rental Apartments and Commercial (2010 – 2013)
Phase 2: Rental or “For Sale” component (2013 – 2016) flats/low rise
Phase 3: Conversion of rental units to Condominiums.

As housing values have declined substantially, we are projecting our sales revenue based upon pricing that would have been in effect several years ago, before the height of the market. For over two decades, Dubin Residential has gained significant expertise in providing affordable and market “for sale” and rental housing in Chicago’s Neighborhoods. Our Shoemaker Lofts (at Belmont and Pulaski) won a Landmark award in 2008. To help spur development of the site, the City of Chicago included our parcel in the brand new Western/Archer Tax Increment Finance District (TIF). We are obtaining approvals through the City of Chicago and we have complete city and neighborhood support.

Project Highlights: Community Impact/Triple Bottom - Line
Work Force/Affordable Housing serving between 50 – 80% of AMI Green Friendly Expected to generate at 300 FTE jobs (direct or other) and more than 500 construction jobs, per impact results study by Novogradac & Company LLP Certified Public Accountants.

• Rentals: 109 (one & two bedroom) and 20,000 s.f. of commercial.
• Garden Flats & Low Rise Flats: 262 Units - rentals or “for sale” price starting from $135,000 per unit. Project average $190,000 per unit.
• Government Subsidies: Tax Increment Financing , New Market Tax Credits

• Affordable Housing Component will eliminate building permit fees.
• Energy Tax Credit and other “Green” tax incentives.
• Teachers, Fireman, Police, EMT grants available.
• FHA Project approval for easier financing for purchases.
• CRA credit for lenders more important than ever due to lack of new projects.
• Large open park space for an urban project.
• FHA multifamily financing available.
• New Homes for Chicago Subsidies.
• Possible State New Market Tax Credit (signed into law 12/08).
• Project sales pricing from several years ago with no anticipated increase projected.

FOR MORE INFORMATION PLEASE CONTACT:
Guru Naganat/CFO * 773-919-8075 *gurun@dubinresidential.com