Last month, our partners at Evergreen Real Estate Group, Latin United Community Housing Association (LUCHA) and local officials celebrated the ribbon cutting of Encuentro Square. Located at the convergence of Logan Square, Humboldt Park and Hermosa, three prominent neighborhoods on the northwest side of Chicago, Encuentro Square offers 89 new affordable housing units between two buildings in a gentrified area.
The co-developers recognized significant displacement of long-time residents and families in Logan Square and prioritized making Encuentro Square 100% affordable for households earning at or below 60% of the area median income. Seventy out of 89 units are two- or three-bedrooms aimed at housing families. After all, the Spanish word "encuentro" means "the act of coming together" or "meeting," which reflects the goal of this project for locals to come together to ensure that Logan Square residents can remain living in their neighborhood and connected to their community.
What makes Encuentro Square even more unique from NEF's side is that it's financed by "twinning" 4% and 9% LIHTCs, which enables the developers to maximize the amount of equity for a single project and helps reduce the potential gaps in project financing. Learn more about Encuentro Square here.
← Back
