Affordable Housing Program Expands in Chicago’s River North
- Apr 07, 2016
Chicago—The Habitat Company has extended the affordable housing program at Asbury Plaza, a 384-unit apartment community in Chicago’s River North neighborhood, for an additional 15 years to 2031.
The program was expanded thanks to a partnership with the U.S. Department of Housing and Urban Development (HUD) and the Illinois Housing Development Authority (IHDA), the company.
Located at 750 N. Dearborn St., Asbury Plaza consists of a mix of convertible, one- and two-bedroom apartments ranging in size from 675 to 1,040 square feet. Originally opening in 1981, Asbury Plaza has had 20 percent of its community’s 384 residences—77 apartments—set aside as affordable through HUD’s Section 8 program.
“There obviously is enormous demand for affordable housing all over the country, but no more so than in locations like that of Asbury Plaza, whose community is defined by HUD as an ‘opportunity area,’” Matt Fiascone, president of The Habitat Company, told MHN. “It is one of the neighborhoods commanding the highest rents in Chicago. Programs like the one we extended make it possible for residents to live at Asbury Plaza who otherwise could not afford it.”
The extension comes at a welcome time, as the property is undergoing extensive renovations that will update individual residences with new flooring, lighting, appliances and granite countertops. Additionally, the Habitat Company recently completed a new lobby and redecorated hallways, expanded the fitness center and added a new business center as part of the ongoing renovations. The residential corridors also received a complete facelift with a new color scheme, carpet and lighting.
Asbury Plaza also boasts amenities such an outdoor swimming pool and sun deck, furnished guest suites and a 24-hour door attendant.
“Asbury Plaza is a unique community located right on the border of two of Chicago’s most sought-after neighborhoods, River North and the Gold Coast,” Fiascone said. “It is three blocks to the heart of the Magnificent Mile shopping and dining district. Thanks to its design, Asbury Plaza’s high-rise apartments offer especially stunning views of downtown Chicago. Combined with recent physical enhancements to the property, Asbury Plaza remains one of Chicago’s most desirable communities.”
The Habitat is the largest property manager for the Chicago Housing Authority with a portfolio that comprises more than 25,000 units across the United States, of which more than 8,500 are affordable or public housing units.
“Throughout The Habitat Company’s entire 45-year history, it has had a focused commitment to affordable housing,” Fiascone said. “From the beginning our work has been to provide housing for all people across the entire income spectrum, and that continues to be a priority in what the company develops, owns and manages.”