Newest project by the faith-based developer brings 58 affordable rental apartments, townhouses to families in Washington Park
WASHINGTON – (RealEstateRama) — St. Edmund’s Redevelopment Corporation (SERC) was joined today by CHA CEO Eugene Jones, Jr., City of Chicago officials, Ald. Willie Cochran (20th Ward) and members of the community to cut the ribbon on St. Edmund’s Oasis, SERC’s newest affordable housing development for families in the Washington Park community.
“The completion of the St. Edmund’s Oasis project has made it possible for us to continue the momentum of hopefulness expressed by working class people to live in quality affordable housing in Washington Park,” said Rev. Richard L. Tolliver, President and CEO of St. Edmund’s Redevelopment Corp. “We remain committed to our mission of leading this neighborhood’s housing renaissance which we began twenty-seven years ago with the formation of St. Edmund’s Redevelopment Corporation.”
St. Edmund’s Oasis consists of 58 newly constructed rental apartment and townhouse units built on three scattered sites along 61st Street and Indiana and Prairie Avenues, offering one, two, three and four bedroom units.
Rents for all of the units are affordable for families earning less than 60% of the area median income (approximately $47,400 for a family of four). Nineteen units will be leased to residents on the Chicago Housing Authority’s housing waiting list. The units are offered in two designs: flats containing one, two or four-bedroom units on the ground floor with two, three-bedroom duplex townhomes over them, and a six-flat apartment building.
“CHA’s investment in St. Edmund’s Oasis is another example of how we are providing more housing opportunities for families who need an affordable place to live,” said CHA CEO Eugene Jones, Jr. “I am pleased to join our other partners who helped make this latest effort by St. Edmund’s a reality.”
All of the apartments and townhouse units offer functional, spacious floor plans and feature Energy Star® appliances. Amenities include central air conditioning, dishwashers, washing machines/dryers, ceiling fans and mini-blind window treatments. Off-street parking is available and the development will also feature a garden and outdoor play lot.
The $20.5 million development will benefit the Washington Park community by converting 14 vacant city lots into quality, affordable mixed-income housing and creating jobs. Oasis will help bring residents back to the community which has seen a steady population decline over the last 30 years due to the demolition of dilapidated housing stock.
The CHA provided a $5.7 million loan to the project. Department of Planning and Development (DPD) assistance included $6 million in tax-exempt bonds to help bridge financing during construction, Low Income Housing Tax Credits that generated $7.1 million in equity, a $5.5 million loan, $156,000 in donations tax credit equity, and the sale of 14 vacant, City-owned lots for $1. BMO Harris purchased the privately placed bonds and Hunt Capital Partners syndicated the low-income housing tax credits. Pre-development financing was provided by the Chicago Community Loan Fund.
“These homes are a direct result of Mayor Emanuel’s goals to leverage City-owned land for uses that directly benefit local residents and families, in Washington Park, throughout the South Side, and across the entire City of Chicago,” said DPD Commissioner David Reifman.
As part of its commitment to help create a new generation of affordable housing developers, SERC partnered with Tria Adelfi, a Minority and Women-Owned Business Enterprise, to develop St. Edmund’s Oasis. The principals of Tria Adelfi are Julia Foust and Michelle Murray. Ms. Murray is a 2005 graduate of CHA’s Family Self Sufficiency Program. This is Tria Adelfi’s third development project. They also manage over 800 units of affordable housing in Chicago and Northwest Indiana.
About St. Edmund’s Redevelopment Corporation (SERC):
Founded in 1990, SERC’s mission is to engage in housing and community development activities that will improve the diversity and quality of life for people and communities in need. Since 1990, SERC has served the Washington Park community: developing 690 mixed-income multi-family housing units, stimulating over $104 million in neighborhood investments, and serving as a model for community revitalization efforts in economically challenged communities.
Office of Communications – Chicago Housing Authority
Molly Sullivan: (312) 786-3344; msullivan (at) thecha (dot) org
Matthew Aguilar: (312) 935-2646; maguilar (at) thecha (dot) org