Kenmore Senior Apartments has been vacant since 2005. It will be fully rehabilitated within six years using federal money.
"You've got to look at the allocation of this money as a very important step that does create jobs and does help people's lives very, very quickly," said HUD Sec. Shaun Donovan.
Mayor Daley says the Kenmore Senior Apartments are a perfect example of a project the city did not have the money to undertake until it got federal stimulus support.