A new five-story affordable housing development is ready to welcome its first residents near the border of Chicago’s Irving Park and Albany Park neighborhoods. On Thursday, officials cut the ribbon on the recently completed project at 3435 W. Montrose Avenue, dubbed the Oso Apartments.

Replacing a vacant lot, the 48-unit project scored its first construction permit last summer and topped off in January. The $10 million building is a joint venture between the Chicago Housing Authority (CHA) and developer Evergreen Real Estate. The duo recently worked together on the nearby Independence Branch, which “co-locates” a new Chicago Public Library location and 44 affordable units.

The Oso Apartments feature a white and gray facade with splashes of yellow designed by Logan Square-based firm Canopy Architecture + Design. Of its 48 units, 32 are reserved for renters on CHA’s waiting list. Sixteen of the remaining apartments will go to local residents earning 60 percent of the Area Median Income, and two units will go to families earning 50 percent of the AMI.

“One-hundred percent affordable housing developments like the Oso Apartments are critical to addressing displacement in Chicago neighborhoods like Albany Park,” said 35th Ward Alderman Carlos Ramirez-Rosa in a statement. The alderman’s comment comes a week before a 100-unit affordable housing proposal—slated for 2638 N. Emmett Street—is scheduled to go before the Chicago Plan Commission for a key zoning vote.