Financial plans approved today by City Council will support the rehabilitation and preservation of 196 units of affordable rental housing in Woodlawn.
The $25.4 million “Woodlawn Roll Up” rehab project by Preservation of Affordable Housing Inc. (POAH) will encompass 16 apartment buildings in the area bounded by King Drive, Stony Island Avenue, and 63rd and 65th streets. Improvements will include waterproofing and tuck pointing, selective kitchen and bathroom upgrades, the addition of air conditioning systems, fencing, exterior lighting, signage, and security cameras.
As part of the project, the 16 buildings will be sold by POAH and restructured under a new first mortgage by Woodlawn Roll Up Preservation Associates LP, which will perform the renovations and keep the properties affordable for the next 30 years.
City assistance will include $13 million in tax exempt bond financing, a $1.5 million loan, and $5.4 million in Low Income Housing Tax credit equity. Additional funding sources will include a $5 million private loan and a $125,000 energy loan.
One hundred twenty-one units will retain their Section 8 Housing Assistance Program (HAP) contracts and be set aside as replacement units for residents of the Chicago Housing Authority’s former Grove Parc Plaza. An additional 56 units will be leased at affordable rent levels and 19 at market rates.
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