The City Council of Chicago designated the property at 1840-1866 N Marcey St as a "Low-Affordability Community" for the purposes of the Affordable Housing Special Assessment Program. This designation allows for a reduction in assessed value for properties with newly constructed and rehabilitated affordable rental housing. The 1840 Project, intended for this site, will include 590 dwelling units, with 119 units (20%) legally restricted as affordable at 60% of Area Median Income for 30 years. The Lincoln Park Community Area, where the project is located, was identified in the 2019 Citywide Affordable Rental Housing Analysis as having only 8% legally restricted affordable housing units and 13% affordable units overall. This ordinance aims to support the equitable distribution of affordable housing.