A rendering of the 98-unit Diversey Manor Apartments, planned for 5525 W. Diversey Ave. View Full Caption Metropolitan Housing Development Corporation

BELMONT CRAGIN — A city-issued loan will give a developer the final push needed to build a 98-unit affordable housing complex in Belmont Cragin this year, Mayor Rahm Emanuel says.

Set to replace a vacant bank building 5525 W. Diversey Ave., the Diversey Manor Apartments would be wholly targeted toward seniors, according to Richard Gonzalez, president of the Metropolitan Housing Development Corporation.

Sixty-six units in the three-story building would be one-bedroom apartments, and the rest would be studios, Gonzalez said.

"We know there are a lot of seniors living in the area who want to stay there, but don't necessarily want to move into big single-family homes," the developer said. "So we're excited to provide them with something new and affordable in their neighborhood, that they can be comfortable with."

Gonzalez said he anticipated "these spaces will fill up pretty quick."

About half the units would be subsidized through affordable housing tax credits, with the rest set aside for CHA voucher-holders, Gonzalez said. Most tenants would be asked to pay between $800 and $900 in monthly rent.

A measure introduced at the April 19 City Council meeting would float the project a $12 million loan, adding onto a $9.3 million loan from CHA and another $4.3 million from a private bank, according to the announcement from Emanuel's office.

Gonzalez hopes to demolish the vacant building and begin construction on the apartments by June, he said.

A vacant former bank building at the intersection of Diversey and Luna avenues would be demolished to make room for the three-story apartment building. [DNAinfo/Alex Nitkin]