Habitat Co. Lands $16M Chicago Affordable Housing
- May 30, 2017
The Habitat Company has acquired East Park SRO, a 153-unit, affordable housing community in Chicago’s East Garfield Park neighborhood, for $16 million.
“The Habitat Company started as an affordable housing developer 46 years ago, and while we are diversified in market-rate and condo management disciplines, we’re consistently looking to grow our affordable housing portfolio with meaningful projects,” Matt Fiascone, The Habitat Company’s president said. “Preserving the affordability of East Park SRO demonstrates how important public-private partnerships are to both provide affordable housing opportunities and link residents with the supportive services they need to become self-sufficient.”
Located at 3300 W. Maypole Ave., Habitat is planning a substantial renovation to the property, which it originally developed 23 years ago through East Park Limited Partnership. The developer has managed the property ever since.
Plans for the property include adding LED lighting, bringing in high-efficiency boilers and new in-unit heating and cooling, as well as installing a new roof, making mechanical upgrades, doing needed masonry repairs and improving the landscaping.
Current residents will be relocated to alternate apartments on the property over the course of the 13 months that work is expected to be done, and will be able to move back into their apartments once renovated.
According to Fiascone, the company’s affordable housing efforts rises each year. Last year, it started Generations Housing Initiatives (GHI), a separate non-profit entity created to provide social services programs and much-needed funding critical to the redevelopment of affordable housing communities.
GHI will team with Major Adams Community Committee and Breakthrough Ministries to offer additional services to residents to help them achieve self-sufficiency. Programs include providing access to job readiness training, educational services, substance abuse treatment, health and wellness services and financial literacy.
Funding for the project comes from a mix of equity from federal low-income housing tax credits and tax-increment financing funds from the City of Chicago. Additionally, a grant from the Federal Home Loan Bank of Chicago and debt financing from the Illinois Housing Development Authority helped make it happen.