Major Investment In Rental Housing on Sheridan Rd. Brings Hope
49th Ward Zoning & Land Use Meeting
ADVISORY COMMITTEE AGENDA
Tuesday, August 14, 2007 - 7:00 PM
NEW BUSINESS: TIF Assistance Request, 6610-28 North Sheridan Road
Ayman Khalil and Kareem Musawwir of Inverbrass Funds, LLC, will present their proposal to rehabilitate a “four-plus-one” apartment building at 6610-28 N. Sheridan Rd. and preserve 116 units of rental housing.
The proposal calls for approximately $2 million in assistance from the Sheridan/Devon Tax Increment Financing District.
Posted by Craig Gernhardt
Accepting this project at face value, this is the kind of project we need to see to maintain the kind of diversity we have all said we want. I hope these guys are genuine and that they do good work. Using TIF dollars isn't the greatest thing in the world. TIF's are used for both good things and not so good things, but in this case it appears to be for a community good. One can only hope these guys will be able to find more projects and will swing the financing piece without tax payer support.
Overall, the pendulum is swing back in favor of rental housing again and since we all know the condo boom is over maybe this next period of time will be when the rental stock, still much more than half of all housing in RP, will see a renaissance. There was a first condo conversion oh so long ago. I am keeping my fingers crossed.
ADVISORY COMMITTEE AGENDA
Tuesday, August 14, 2007 - 7:00 PM
NEW BUSINESS: TIF Assistance Request, 6610-28 North Sheridan Road
Ayman Khalil and Kareem Musawwir of Inverbrass Funds, LLC, will present their proposal to rehabilitate a “four-plus-one” apartment building at 6610-28 N. Sheridan Rd. and preserve 116 units of rental housing.
The proposal calls for approximately $2 million in assistance from the Sheridan/Devon Tax Increment Financing District.
Posted by Craig Gernhardt
Accepting this project at face value, this is the kind of project we need to see to maintain the kind of diversity we have all said we want. I hope these guys are genuine and that they do good work. Using TIF dollars isn't the greatest thing in the world. TIF's are used for both good things and not so good things, but in this case it appears to be for a community good. One can only hope these guys will be able to find more projects and will swing the financing piece without tax payer support.
Overall, the pendulum is swing back in favor of rental housing again and since we all know the condo boom is over maybe this next period of time will be when the rental stock, still much more than half of all housing in RP, will see a renaissance. There was a first condo conversion oh so long ago. I am keeping my fingers crossed.
Labels: 49th Ward, 60626, Rental Housing, Rogers Park, TIF Money
