St Vincent DePaul: Affordable Senior Housing

The 5-story St Vincent DePaul residence is one of the affordable senior housing developments coming up in Chicago. It will have 86 one-bedroom units and its rent will depend on the annual income of the residents. The maximum limit for annual income for one-person household should be $26,400 while the two-person household can have $30,150. The construction will start in November and is likely to finish in 2007. The rents in these units will be between $500 and $700. North Center has another affordable condominium called the Belle Plaine Commons that will have 97 units comprising of one and two bedrooms. Half of the units are reserved for people with annual income below$40,600 while rest are for people with annual income below $63,350. One-bedroom units will be priced at $168,990 while the two-bedroom will cost $245,990. The value of the units will depend on the Consumer Price Index so the resale price is controlled, making it affordable for the next buyer.