The Habitat Co. Wraps Up $16M Rehabilitation of Affordable Chicago Community
- Nov 27, 2018
The Habitat Co. has completed a $16 million rehabilitation of East Park, a 153-unit single-room-occupancy affordable community in Chicago’s East Garfield Park neighborhood.
After 13 months of construction work, residents at 3300 W. Maypole Ave. were provided with an energy-efficient, modern community featuring LED lighting, high-efficiency boilers and new in-unit heating and cooling. Rehabilitation also covered a new roof, landscaping improvements, common-area enhancements, masonry repairs and mechanical upgrades.
Funding came from a variety of sources, including federal low-income housing tax credits, a grant from the Federal Home Loan Bank of Chicago and debt financing from the Illinois Housing Development Authority. The City of Chicago provided $5.2 million in tax increment financing assistance and $5.8 million in LIHTC equity.
The project is part of the city’s $1.3 billion Five-Year Housing Plan, which seeks the rehabilitation and preservation of 41,000 units of affordable housing by the end of the year. The property will continue to provide long-term affordability, with individual rents set at approximately 30 percent of each resident’s income. Additionally, it will maintain its on-site social services and medical referrals for residents as well as its special needs supportive housing program.
The Habitat broke ground on East Park in 1994 through an affiliate, East Park Limited Partnership, and completed it in 1996, according to Yardi Matrix. It has been providing property management services since then. The company has also been recently selected to manage CA Venture’s Eleven40 community in the South Loop.
Image courtesy of Yardi Matrix