Evergreen Real Estate Opens Six-Story Affordable Community in Chicago

CHICAGO — Evergreen Real Estate Group has completed construction of Independence Apartments, a six-story, 44-unit affordable seniors housing community located above the new Independence Branch Library in Chicago’s Irving Park neighborhood.

Designed by John Ronan Architects, the project co-locates affordable senior apartments with a new library that serves both residents and neighbors in the surrounding community. It is the second such project Evergreen has completed in Chicago this year, following Northtown Apartments in the West Ridge neighborhood.

Both projects were funded in part with federal low-income housing tax credits and Illinois affordable housing tax credits provided by the Chicago Department of Housing. The Northtown development also received federal HOME funds from the Illinois Housing Development Authority.

Other financing partners for the project include CIBC, City Real Estate Advisors (CREA), TCF Bank, Fifth Third Bank, Clocktower Tax Credits LLC, ComEd Energy Efficiency Program, North River Commission and predevelopment lenders LISC Chicago and Chicago Community Loan Fund.