The Chicago Housing Authority (CHA) has finalized its purchase of three apartment buildings serving seniors, adding 111 apartments to the city’s affordable housing stock.
The three buildings—Crowder Place, Mulvey Place, and Devon Place—were part of the Chicago portfolio of Presbyterian Homes, a provider of affordable housing for seniors.
CHA acquired the buildings in the Lakeview and West Ridge neighborhoods for $19 million, or about $175,000 per unit, and projects spending another $3.3 million in repairs and renovations in the coming year.
Currently, 71 of the 111 units are occupied and will continue to be occupied by program-eligible residents. The vacant units will be reserved for those on CHA”s wait list.
“We are pleased that we have now officially become the owners of these three buildings so that we can preserve housing for low-income seniors, while also expanding long-term affordable housing opportunities on the North Side,” said CHA CEO Eugene Jones Jr. in a statement.
When Presbyterian Homes announced in the fall that it was planning to sell the buildings to market-rate developers, CHA worked closely with The Preservation Compact and garnered support from elected officials and community leaders to facilitate the acquisition and preserve the affordability.
“Preserving this property is proof of a great collaboration. The CHA really stepped up to create long-term affordability for residents—current and future—in some of the city’s most vibrant markets,” said Stacie Young, director of The Preservation Compact, an organization that brings together public, private, and nonprofit leaders to preserve affordable rental housing in Cook County.