Humboldt Park – After a decade of planning, the City Council gave final approval last week to a $66.2 million public‑funding package that will convert the vacant Von Humboldt Elementary School into a mixed‑income affordable‑housing complex called Humboldt Village.
Funding details and project scope
The subsidy package combines money from the city’s Housing and Economic Development Bond and low‑income tax credits from the Department of Housing. It is part of a $1.25 billion borrowing pool approved in 2024 to expand affordable housing across Chicago.
Humboldt Village will provide 103 apartments for households earning 30‑80 percent of the area median income, a broader income range than many local projects. Rents will start at $945 for a studio for a household earning 50 percent of the median income ($42,550) and rise to $2,257 for a three‑bedroom unit, depending on income tier.
Development partners and costs
The project, first introduced in 2016, is now being led by The Community Builders, a Massachusetts‑based nonprofit with a portfolio of Chicago housing properties. They are in the process of acquiring the school from the original developer, New Jersey‑based RBH Group.
City officials estimate the total cost at $95 million, with each unit averaging $922,000 to build. Deputy Commissioner Joe Lewis explained that the high per‑unit cost reflects the complexities of converting a 130‑year‑old school—over 100,000 sq ft of building space—into modern apartments, as well as carrying costs from the previous developer.
Unit mix and amenities
The development will include 17 studios, 59 one‑bedroom, 17 two‑bedroom, and 10 three‑bedroom units. Residents will benefit from a fitness room, bike room, dog wash, lounge, party room, and a playground. The Puerto Rican Cultural Center will operate a community center on the first floor, and the project will add 53 parking spaces and additional tree planting.
Community support and timeline
Alderman Jessie Fuentes, who helped close the school in 2013 and has championed the redevelopment, called the funding approval a “top priority” for restoring safety and stability to the neighborhood. She noted that the vacant building had suffered vandalism and trespassing, and the new project will bring much‑needed housing and social‑service options to local families.
Construction is slated to begin early next year, with completion targeted for June 2028. The city and developers say the project will help keep longtime residents in the community and provide affordable home options for a diverse range of income levels.
Original reporting: Block Club Chicago — read the source article.
