5853 N Broadway (Bickerdike) Receives QAP Funding

We’re thrilled to announce that out of more than 30 applicants, Bickerdike Redevelopment Corporation’s 5853 N Broadway project has been selected for the 2023 Low-Income Housing Tax Credit (LIHTC) through the 2023 Qualified Action Plan (QAP). 5853 N Broadway will be one of thirteen developments funded through this cycle this year.

This transformative development is expected to bring in 90 new affordable units to the 48th ward and the Edgewater community. The 48th ward office will continue to monitor this project and work collaboratively with the developers to ensure that this project makes it to the finish line and provides a crucial supply of affordable housing for our community.

Released every two years, the QAP sets the rules for accessing federal LIHTC, a crucial funding source for affordable housing development. LIHTC operates as a public-private partnership, where investors provide equity for low-income rental properties in exchange for a federal tax credit over several decades. If you'd like to know more about the City's Qualified Action Plan and their thresholds for LIHTC allocation, click here.