The Hispanic Housing Development Corporation received a $6 million grant for the Humboldt Park site but that may get sent back to HUD.
The former Pioneer Arcade building at 1535 N. Pulaski Road on March 2, 2023, in Chicago.
“We are dead in the water with the project,” said Hipolito “Paul” Roldan, president and CEO of the Hispanic Housing Development Corporation. “We don’t know whether HUD would give us another extension on top of this, given the city has not expressed interest in supporting .” The development corporation needs low-income housing tax credit funds — tax credits set aside for developers of affordable housing — to help raise the bulk of the capital required for the project in the private market, as “it’s virtually impossible” to do so without it, Roldan said.
“For almost a decade, we have labored to push back gentrification moving west of The 606 and the displacement of our most vulnerable neighbors, yet the city is blocking development of deeply affordable housing for longtime Humboldt Park senior citizens in need,” Smiljanic-Perez said in a statement. “It doesn’t make sense!”
Given a preliminary designation as a historic landmark late last year, with official designation potentially on the horizon as a proposal was submitted to City Council in January, the Pioneer Arcade is slated to keep its facade and preserve its interior during the restoration process.
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