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Neighborhood Stabilization Program
New construction of 56 affordable senior rental homes- Continuation of East Chicago's North Harbor Revitalization Initiative
- TCB Roles: Developer
- NSP2 Funds Committed: $425,250
- Total Development Cost: $17 million
Northtown Village Townhomes Senior
New construction of 56 affordable senior homes using $425,250 in funding from TCB's Neighborhood Stabilization Program 2 (NSP2) grant.
The Northtown Village Townhomes senior building is the latest phase of East Chicago's North Harbor Revitalization Initiative, which promises to reposition this once vibrant city located on the shores of Lake Michigan. Thus far, the revitalization has included significant investment from the State of Indiana and the City. With the addition of Neighborhood Stabilization Program 2 (NSP2) grant funds, the revitalization can be expedited.
The property is comprised of 10 lots with three vacant buildings that will be demolished to allow for the new construction of a four story building with 56 one bedroom units for the elderly. All tenants will have incomes less than 50% area median income and a deed restriction will maintain rents at this affordability level for 30 years.
Northeast Region: 617-695-9595 Midwest Region: 312-577-5555 Mid-Atlantic Region: 202-552-2500
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