111 Apartments Added to City’s Affordable Housing Stock
CHICAGO – March 8, 2016 – (RealEstateRama) — The Chicago Housing Authority has finalized the purchase of three apartment buildings that make up the Chicago portfolio of Presbyterian Homes, one of the nation’s largest providers of affordable housing for seniors, adding 111 apartments to the City’s affordable housing stock.
“We are pleased that we have now officially become the owners of these three buildings so that we can preserve housing for low-income seniors, while also expanding long-term affordable housing opportunities on the North Side,” said CHA CEO Eugene Jones, Jr.
“Preserving this property is proof of a great collaboration. The CHA really stepped up to create long-term affordability for residents – current and future – in some of the City’s most vibrant markets,” said Stacie Young, Director of The Preservation Compact, which worked to facilitate the purchase.
The acquisition of the Presbyterian Homes Chicago property portfolio was unanimously approved in January by the CHA’s Board of Commissioners and the real estate closing took place on March 2.
The three buildings are Crowder Place at 3801 N Pine Grove, Lakeview, Mulvey Place at 416 W Barry, both in the Lakeview community and Devon Place at 1950 W Devon, in the West Ridge community.
The decision to purchase the three buildings illustrates the CHA’s creative approach to expanding affordable housing and is part of the agency’s strategy to build, acquire and rehab housing so that people have access to housing opportunities in neighborhoods across the city.
CHA worked closely with Young at The Preservation Compact who helped initiate the discussion between CHA and the buildings’ owner, and had the strong support and cooperation of U.S. Rep. Jan Schakowsky (D-IL 9th), State Rep. Sara Feigenholtz (D-12th) and Alds. Thomas Tunney (44th) James Cappleman (46th) and Debra Silverstein (50th) as CHA worked to successfully complete the purchase.
A close collaboration with the community groups One Northside and Jane Addams Senior Caucus also helped to move the purchase forward.
The three buildings provide 111 apartments, 71 of which are currently occupied and will continue to be occupied by long-term program-eligible residents, while the 40 vacant apartments will be reserved for those on the CHA Wait List. The current residents will be able to stay after an eligibility review ensuring HUD standards are met. Tenants pay only 30 percent of their income towards rent.
With an acquisition price of $19,000,000 or about $175,000 per apartment, the CHA expects to spend another $3.3 million in building repairs and apartment updates in the coming year.
The CHA oversees a portfolio of family, senior, mixed income and scattered site housing and provides affordable housing to more than 64,000 low-income families and individuals across the city of Chicago.
Matthew J. Aguilar| Senior Manager of Communications
Phone 312.935.2646 maguilar (at) thecha (dot) org
maguilar (at) thecha (dot) org| www.thecha.org
Sullivan 312-786-3344 msullivan (at) thecha (dot) org