City tax credits denied for senior living project
by BRIAN NADIG
A proposed senior living complex near Milwaukee and Albion avenues did not make the the final cut for the city’s recent application process for low-income housing tax credits.
The Marcheschi Senior Lofts project at 6542-58 N. Milwaukee Ave., which includes the closed Lin’s Chinese Restaurant and a former tire shop, was one of 43 proposals which the city received for its 2019 Qualified Allocation Plan, but it did not move into the second stage of the application process. Eleven projects made the second round, which the city announced last spring.
A spokesman for Alderman Anthony Napolitano (41st) said that a proposal for the project was not submitted to the alderman’s office and that a zoning change would be required, as the site’s existing B3-1 zoning is not conducive for senior living and is intended for low-density development.
The city receives a limited number of federal housing tax credits per year, and the credits play a significant role in the financial feasibility of low-income housing developments.
"Federal tax credits are the heart and soul of the affordable housing community," city Department of Housing commissioner Marisa Novara said in a statement. "This year’s QAP gave clear selection criteria to ensure tax credits go to projects that meet Chicago’s most pressing housing needs."
Details of the senior housing project were not available, and the project’s application, MVAH States Development could not be reached for comment.