Access to quality affordable housing is an integral component of strong communities, as is a vibrant arts scene that enriches the lives of residents and contributes to the economic well-being of the community as a whole. In Oak Park, IL, a newly opened mixed-use development is meeting both needs while revitalizing a long vacant corner lot that serves as the gateway to a key business district in the suburb eight miles west of downtown Chicago.

Developed by The Community Builders (TCB), The 801 is a four-story, 12,500-square-foot transit-oriented development designed to increase the supply of affordable housing in the community for individuals and families who would otherwise be priced out of Oak Park amid rising costs and high demand for limited rental housing units.

The 801 includes 35 affordable apartments, ground floor retail space, and two live/work units that offer a storefront workspace and attached living quarters – one of which is income-restricted and set aside for a local artist to provide an affordable place to live, work, and display their art in a highly visible location in the neighborhood.

IFF closed two loans in 2018 to help finance the $15 million Low-Income Housing Tax Credit (LIHTC) project, providing $1.9 million in flexible capital to TCB that enabled the organization to successfully navigate a complex development process that included a variety of stakeholders. Additional funding and financing for the project was provided by Bank of America, the Illinois Housing Development Authority (IHDA), the Village of Oak Park, and TCB. The 801 was designed by MBE-certified DesignBridge and built by Joseph J. Duffy Co., opening to residents for the first time in August 2021.

Keep scrolling to take a photo tour of The 801 and learn more about how it’s meeting the needs of residents while strengthening the community.

Article Link: https://iff.org/photo-tour-the-community-builders-801-oak-park/