Pilsen Is Getting 45 New Affordable Housing Units
By Rachel Cromidas in News on Feb 11, 2016 5:10PM
Rendering of Casa Querétaro via TRP.
Pilsen's newest affordable housing development officially opened this week, offering 45 rental units below-market-rate on Damen Avenue.
The four-story development, at 1614 S. Damen Ave., is called Casa Querétaro. Fifteen units will become Chicago Housing Authority public housing, while the rest will be offered as affordable housing for families earning less than 61 percent of Pilsen's median income, according to CHA reps.
The project has been in the works since 2012, according to Curbed, and cost $15 million to construct—$4.5 million of which came from the city's Tax Increment Financing (TIF) coffers. It was built by The Resurrection Project, a local non-profit real estate developer, with a loan of $6.5 million in loans, tax credits and land from the city.
“The new construction comes at a time when people are struggling to find housing within their budgets, and TRP is proud to be able to offer quality, safe housing people can afford,” Raul Raymundo, TRP’s CEO, said in a news release this week.
The new housing comes at a time when tensions around rising rents and the specter of gentrification are high in Pilsen.