Sunnyside Kenmore Apartments
The affordability restrictions on this project consisting of 26 units of affordable housing for low and very low income families in the Uptown neighborhood, were to expire in 2008. In order to extend the affordability restrictions on the property for at least an additional 30 years, a partnership of Voice of the People in Uptown, Inc., a local community based not-for-profit organization, and CCDC developed a preservation plan with resources from the City of Chicago Department of Housing and the Illinois Housing Development Authority. The plan was approved and the partnership closed on the purchase of the buildings in August 2008. Major renovations began in August 2008 and expect to be completed in 2009.
Uptown Preservation Apartments
In light of the strong community interest in the preservation of existing affordable rental housing in order to assure that Uptown can provide a diverse range of housing choices, CCDC developed an acquisition and rehabilitation plan for various properties in Chicago’s Uptown neighborhood. UPA consists of 77 units spread over three mid-rise buildings. Rehabilitation of this project was completed in April 2008. Funding of this project was obtained through the Illinois Housing Development Authority Trust Fund program, Low Income Housing Tax Credits and bond financing issued by the City of Chicago. UPA is owned and operated by a partnership between. Voice of the People in Uptown, Inc. and CCDC, as general partners, and Alliant Tax Credit Fund 42, as limited partner.
Archer Avenue Senior Residences
Having been awarded an option to purchase the vacant parcel at 2922-50 South Archer Avenue, CCDC constructed a mid-rise rental property consisting of 55 apartments whose target market is elderly households aged 55 and over in the surrounding Chinatown community. Constuction of this building was completed in 2007. This project was funded utilizing awards from the City of Chicago through its Tax Credit and HOME programs, and mortgage financing under HUD's 221(a)(4) program.
O'Keeffe Apartments
Northeastwood Shores Apartments
This 231-unit Section 221(d)(3) project was acquired in 1990 by CCDC under a Plan of Action in accordance with Title II of the Housing and Community Development Act of 1987. Under this plan, developed in cooperation with the 850 West Eastwood Tenants Association, a $4.7 million dollar rehabilitation program addressing all major systems was successfully completed on time and under budget. In addition, the Tenants Association is undertaking a Resident Management Training Program funded by ownership and joined the ownership entity as a partner in 1995.
Germano-Millgate Apartments
This 350-unit Section 236 project was acquired by CCDC in 1993, pursuant to a HUD- approved TPA wherein CCDC became the new general partner for the project partnership and has undertaken the $6.7 million rehabilitation of this troubled and critically needed low income housing resource. The financing plan for this revitalization program was developed by CCDC and consists of HUD Flexible Subsidy loan, a third mortgage issued by the Illinois Housing Development Authority and the syndication of low income housing tax credits issued by the City of Chicago. The Germano-Millgate Revitalization Plan was developed with input from local community organizations and residents and has been endorsed as a model by local housing agencies and elected public officials. The Plan also includes a Resident Services Program which will provide community space and programs such as day care and tutoring for the first time for project residents.
The Project was completed in August, 1995 and was selected in January, 1996 as the second annual winner of the City of Chicago's "Neighborhood Community Development" Award for for profit sponsors.
6100 Wabash Apartments
This 24-unit rehabilitation project is a joint venture with the Faith Tabernacle Baptist Church to renovate this vacant 2-building complex located in Chicago's Washington Park community. This revitalization project provides 24 units of affordable housing to targeted homeless families and families at risk of becoming homeless. The financing plan developed by CCDC consists of mortgages issued by LaSalle Bank and the City of Chicago and tax credits. The plan includes both a total physical renovation and a special social and supportive services program for project residents.
The Project was selected by the Chicago Board of Realtors for its 1995 "Good Neighbor" Award for multifamily rental properties.
Englewood Gardens Apartments
CCDC acquired this 167 unit property, which consists of 12 buildings at different sites in Englewood, in December, 1995. Englewood Gardens is a participant in HUD’s Pension Fund Demonstration Program. First mortgage financing was provided by various union pension funds pooled by Equitable Real Estate Investment Management Corporation. Residents will received project based Section 8 assistance at the property for 15 years.
Construction and secondary financing for Englewood was provided by the City of Chicago. Low Income Housing Tax Credits were awarded to the Project by the City of Chicago and were syndicated by the Chicago Equity Fund. Bank One of Chicago provided a Construction Letter of Credit to secure the financing during construction. All construction financing was finalized on April 18, 1996, and construction started on April 22, 1996 and was completed in July, 1997.
In 1998 Englewood Gardens was selected by LISC as “For Profit Project of the Year” at the Neighborhood Community Development Award Program. In November, 1998 Englewood Gardens became the first site to implement a TLC@Home Computer Learning Center funded by Illinois Housing Development Authority and the Chicago Equity Fund.
Lake Grove Village Apartments
Lake Grove Village is a 458-unit property located at 35th and Cottage Grove that CCDC acquired in March, 1998. The acquisition and rehabilitation were financed with the proceeds of a mortgage issued under the Illinois Housing Development Authority’s (IHDA) Risk Sharing Program and equity generated through the sale of tax credits issued by IHDA. The equity was provided by the Chicago Equity Fund. The project will undergo a $6.5 million rehabilitation that will be completed in December, 1999.
Archer Courts Apartments
CCDC closed on the acquisition of Archer Courts Apartments in June, 1999. This 147-unit property was constructed by the Chicago Housing Authority under its “City/State” Program in 1951. CCDC’s preservation plan for the property will maintain the rental subsidy in place for the predominantly elderly development and will result in over $6 million of renovation at the development including enclosure of exterior corridors with a new energy efficient and aesthetically pleasing curtain wall. Archer Courts won second place among 26 entries in the 2002 Richard Driehaus “Excellence in Design” Competition.
Barbara Jean Wright Court Apartments
Barbara Jean Wright Court Apartments (B.J. Wright) is a 272-apartment complex located on Chicago’s near West Side adjacent to the University of Illinois at Chicago. CCDC acquired B.J. Wright in July, 1999 and implemented an affordable rent structure at the property to prevent the displacement of current residents and to preserve the property from potential conversion to market rate housing. The property will undergo a $6.5 million rehabilitation commencing in October, 1999.
Pheasant Ridge/Hunter Apartments
CCDC acquired these adjacent expiring use, project-based Section 8 developments in April 2001. The properties consist of 176 apartments and are located in Orland Hills, Illinois, a Southwest suburban community. CCDC completed a $2 million renovation in December 2001. The acquisition and rehabilitation were financed with the assistance of the Illinois Housing Development Authority.
Fox Shore Apartments
Fox Shore Apartments is a 94 unit multifamily apartment complex located on the Fox River in Aurora, Illinois. CCDC acquired this property in October, 2002 with financing provided by the Illinois Housing Development Authority. The property is preserved under HUD’s Mark Up to Market initiative to preserve well located housing near job opportunities and transportation.
51st and King Apartments
CCDC formed a joint venture with The National Housing Trust/Enterprise Corporation to acquire this 96 unit apartment building in December, 2002. The 8.7 million dollar development plan was financed by the City of Chicago, the Illinois Housing Development Authority, and The Federal Home Loan Bank AHP program.
Archer Courts Townhouses
Developed under the City of Chicago’s Homestart Program, Archer Courts Townhomes is a market rate, for sale development of 43 townhomes built on the vacant parcel of land adjacent to the Archer Courts Apartments in Chicago’s Chinatown neighborhood. Construction of the development was completed the Summer of 2004. The sale of the units was completed in the Fall of 2004. The townhomes were awarded 2nd place in the 2004 Driehaus Design Awards and the 2005 Precast/Prestressed Concrete Insitiute Award for Best Multifamily Building. The townhomes complete the comprehensive redevelopment of the corner of Princeton Avenue and Archer Avenue as a cohesive mixed income community.
