Dorchester Art + Housing Collaborative brings artists and art-minded individuals and families together in Chicago’s Grand Crossing neighborhood. Five of the 32 townhomes in the mixed-income building are for artists who will give other residents their time and talent as part of creating an art-centered residential community.
The on-site art center is run by the Rebuild Foundation, which social practice installation artist Theaster Gates founded and partnered with on his Dorchester Projects. The foundation works with schools and art organizations on the south side, including IFF customer Hyde Park Arts Center.
The former Chicago Housing Authority (CHA) complex reopened last fall as a collaboration among the agency, Gates, and Brinshore Development. The units are rented at affordable rates and several are reserved for residents on CHA’s waiting list.
To help launch the $11 million project in September 2013, IFF made a $275,000 construction-to-permanent loan and sponsored a successful application for an affordable housing grant from the Federal Home Loan Bank of Chicago. Other funding sources include JP Morgan Chase and CHA, as well as low income housing tax credits.
Tags: : Capital Solutions, Housing