The recent boom time for Chicago real estate may have left many people behind.
Catholic Charities, a local Chicago charity, is working to provide affordable housing for the area’s senior citizens. Many people cannot afford a condo in Chicago.
According to the Chicago Association of Realtors, the average condo price in Chicago has doubled in just six years. While this is good news for real estate agents and developers, many senior citizens are in a difficult position.
The St Vincent De Paul Residence is one of the newest apartment buildings built by Catholic Charities. This apartment complex, located at Irving Park Road and Western Avenue, offers 86 one-bedroom units for senior citizens.
Rents at the St Vincent De Paul Residence will be set at 30 percent of the senior citizen’s income, a reasonable level when many are currently paying over 50 percent of their income towards rent.
The building has been fully rented, along with another Catholic Charities project in Northlake, west of downtown.
The group is planning yet another project in suburban Palos Park. The building will offer an additional 81affordable housing units. Completion is planned for 2009.
Find Affordable Chicago Housing in neighborhoods around the city.
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