Affordable Housing Grant Requested For 241 Callan Avenue
There could be three new future condo units renovated and classified as affordable housing. The Evanston City Council was set to vote on whether or not to fund a grant request to convert a building that sits on 241 Callan Avenue into five condo units, three of which would be offered and sold at a reduced price in exchange for the funding requested.
A sum of $300,000 was asked for by the Economic Development Committee to help pay for the project, according to The Daily Northwestern. The money would defray construction and renovation costs and allow three of the condos to be priced about $100,000 lower than they normally would be. The reduced price for the condos would be around $185,000. To qualify for the lower price, a buyer’s annual income would have to be at or below 80 percent of the average area income. A counter offer of $250,000 was recommended by the Housing Commission, but there was opposition to that amount by other city leaders.
Evanston could benefit from the addition of affordable units, but we’ll have to wait and see if the grant is approved or not for this project. On the other end of the scale, the condos at
565 Quincy in Chicago are more expensive but feature some great luxury details and finishes.
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