Cohousing-L Mailing List: Chicago's 2nd Affordable Cohousing

[Howard E. Mead (h-mead]

CHICAGO'S 2nd AFFORDABLE COHOUSING UNDERWAY

The Acme Artist's Cooperative was created in response to the need for
affordable,
sustainable work and living space for artists. The project is a mixed use
facility that will house 22 artist's and their families as well as offices
for three non profit community organizations.Acme is an out growth of work
that has been done by the Near NorthWest Arts Council (NNWAC) that has been
active in the West Town and Wicker Park communities (3 miles northwest of
downtown  Chicago) for over 10 years. NNWAC has developed a broad based
arts program sensitive to the needs of the community by using artist power
of creativity to focus awareness on community issues and integrate
community arts education in non traditional ways. NNWAC has helped
strengthen local relationship between schools, park facilities, community
organizers, development corporations to assist in the design marketing and
evaluation of local arts programs and to initiate entrepreneurial
opportunities for artists and to promote art education for students and
adults.

NNWAC  was finally able to locate a 40,000 square foot warehouse  just west
and a
little north of Wicker Park.  The warehouse had at one time been home to a
metal
stamping plant and before that was used as a stable for horses. This time
NNWAC's Acme Artist Cooperative had their financial act together and was
able to piece together $40,000 from twenty five shareholders, additional
money ($300,000) from the Chicago Community Loan fund as a  bridge loan for
building and site acquisition. Permanent Financing of $900,000 for first
mortgage is from conventional bank sources. $500,000 second mortgage is
available from the City of Chicago Department of Housing.

KEY FACTORS TO INSURE AFFORDABILITY:
Standardization and minimize optional upgrades,
Energy efficient design,
Sweat equity,
First time home buyers in a redevelopment area.
Monthly housing expenses are expected to  range between $375 and $700.

The total project represents an investment of $1.7 million. This includes
the purchase
of the warehouse and renovation of the facility into 22 working and living
spaces for low and moderate income artists and their families and space for
3 nonprofit organizations. All units will be handicapped accessible. 
Renovation will begin this fall with expected move in before the end of 1998.

The artist community  includes 26% Latino, 9% African- American, 59% white,
and 6%
physically challenged. Four  units are still available.

(Membership is limited to working professional artists, writers, theater
artists,
photographers,media and visual artists.)

FOR MORE INFORMATION CONTACT:
Laura Weathered, NNWAC 2418 W. Bloomingdale   Chicago, IL. 60647
773 278-7677, Fax 773 278-8451 e-mail nnwac [at] artswire.org

or Hal Mead, Chicago Cohousing Network 847 869-8493, h-mead [at] nwu.edu

PS. I hope to have a larger article in the next Cohousing Journal -Hal