Development Update: 907 W Argyle

This week in City Council, the Department of Housing introduced an ordinance to allow for the sale and transfer of the San Miguel Apartments located 907 W Argyle to Metropolitan Housing Development Corporation. The San Miguel has served 48th ward residents in need of affordable housing for the past 31 years as part of the Heartland Alliance portfolio that is currently under the control of a receiver and at risk of collapse. Preserving and investing in housing like the San Miguel is a priority for the 48th ward office, and Alderwoman Manaa-Hoppenworth has been involved in the negotiations to preserve deep affordability at the San Miguel while increasing the quality of life for residents, and ensuring a financial model that is sustainable for years to come.

The proposed sale would preserve 53 units of affordable housing, and bring much needed investment in the building in exchange for $1,750,727 in debt forgiveness. There will be 18 units at 50% AMI, 35 units at 80% AMI, and 18 market-rate units to stabilize the portfolio. CMHDC will be applying for an increase in the number of Section 8 vouchers from 14 to 23, and they have verbally committed to using the vouchers to provide deeper affordability on the affordable units. No existing residents are to be displaced for the 18 market-rate units because the San Miguel currently has 18 vacant units in the building.