Press Release
October 4, 2010

Mayor Daley, CHA Officials Announce Rehabilitation Of Pomeroy Senior Apartments In Edgewater Neighborhood

$18.3 Million in Federal Economic Stimulus Funds Supports Creation of 104 New Units of Affordable Housing
Mayor's Press Office    312.744.3334

Mayor Richard M. Daley today joined Chicago Housing Authority (CHA) and federal housing officials and community members to announce the rehabilitation of the Pomeroy Senior Apartments, 5650 N. Kenmore Av., in the City’s Edgewater neighborhood. 

The project, which will provide 104 new units of affordable housing for seniors when it is completed next year, is supported by $18.3 million in funding from the federal economic stimulus program.
 
It is included in a new White House report called “100 Recovery Act Projects that are Changing America.” The report identifies some of the most innovative and effective projects nationwide that are not only putting people back to work now, but also helping transform the American economy for years to come.
 
“The Pomeroy Apartments represent another important step we have taken to make sure seniors have affordable and accessible housing and the opportunity to enjoy a comfortable, secure living environment,” Daley said at the groundbreaking.
 
The Mayor said the report takes special note of the fact that Pomeroy will include many new green initiatives and has been designed to meet a minimum of LEED “silver” certification of the U.S. Green Building Council. It will include such green elements as:
 
o       Water Conserving Appliances and Fixtures
o       Renewable Energy technology, including solar panels
o       Recycled materials used in construction, and
o       A green roof covering 75% of the roof area.
 
The rehabilitation project also will create more than 200jobs, Daley said.
 
 
The CHA serves as the primary partner in developing the Pomeroy Apartments property. Bank of America and Red Stone Equity Managers are the debt and equity providers for the mixed finance deal. The City also provided Low-Income Housing Tax Credits and a Tax-Exempt Bonds to support the project.
 
“During the current recession, the federal economic stimulus program has played a huge role in helping us kick start our economy, fix our infrastructure, better train our workers and get as many people back to work as we can over the short and long terms,” the Mayor said.
 
Altogether, including its sister agencies, the City has received about $2.1 billion through the American Recovery and Reinvestment Act.
 
Daley said that as Mayor, he has had a long-standing commitment to provide more affordable housing across Chicago. These efforts have improved the quality of life for thousands of Chicagoans and have helped revive and sustain entire neighborhoods.
 
“Our commitment extends not only to investing in new development, but also to preserving existing senior housing and expanding programs that enable seniors to continue to live in the neighborhoods to which they have contributed so much for so many years,” the Mayor said.
 
“All of us in city government work hard every day of the year to make sure Chicago is the kind of city seniors want to live in,” he said.
 
 
 
#          #          #