Mayor Richard M. Daley today introduced two ordinances supporting homeownership and affordable housing with support services to those who are homeless or at risk of being homeless in the Englewood community on the city's South Side.

"By working together with our partners we are creating affordable places for people to live throughout Chicago," Mayor Daley said. "These developments will result in improved affordable housing choices and a stronger community."

New Homes for Englewood
Under the first ordinance, the City seeks to extend a redevelopment agreement and authorize the disposition of an additional 23 City-owned parcels for the next phase of New Homes for Englewood.

The City is providing the land to the developer, Karry L. Young Development, along with $630,000 in financial assistance to buyers so the homes can be sold at affordable prices. The project will also receive $500,000 in Difficult to Develop Area subsidies. The money comes from downtown density proceeds and is earmarked for areas of the city that have been a challenge to redevelop.

The developer plans to build up to 24 single-family homes and 13 two-flats on scattered sites in the 6th Ward.

Forty-two new homes have been sold, are currently under construction or have contracts pending in Phases I and II. Base prices on the single-family homes will start at $195,000 and the two-flats will be priced from $265,000.

Olive Branch Apartments
The next ordinance acknowledges the intent to issue up to $13 million in housing revenue bonds for the new construction of the Olive Branch Apartments in the Englewood community.

The developer, 56th Street LP, will build up to 100 units of supportive housing on 18 City-owned lots and two other parcels that they currently own in the 5600 block of South Halsted Street in the 20th Ward. The units will provide affordable housing and supportive services to the formerly homeless. Plans call for construction to begin in 2009.