Plans to convert the decrepit one-time Comcast building on Madison Street into affordable housing got the stiff arm from a state funding agency recently. We’re a little surprised that this high-profile project was shut out of the lotto for the current round of low-income housing tax credits.
But we recognize that competition for this essential funding component is intense and the resources are scarce in the current economic climate. It is not unusual for a project not to receive funding until a later go-round, so we’re pleased that Interfaith Housing Development and the Oak Park Housing Authority, the partners in this effort, have already reapplied.
This is a strong and necessary project. Despite intense but, we believe, not widespread local opposition, Oak Park officials have rightly supported the conversion of this long-vacant eyesore into 51-units of supportive housing.
Our support for this effort continues unabated and we wait to hear better news when the next round of state funding is announced early in the new year.