Agency’s support allows for preservation and long-term affordability of 56 apartments for low-income residents
CHICAGO – RealEstateRama – The Chicago Housing Authority (CHA) Board of Commissioners approved commitments today that will preserve affordable housing for low-income seniors in the Rogers Park community. The Board approved the allocation of a combination Project Based Vouchers (PBV) and a loan of up to $3 million to the Preservation of Affordable Housing (POAH) for Levy House, 1221 W. Sherwin Ave.
“It is more important than ever to ensure housing stability for low-income Chicagoans and we will continue to expand our investments to serve communities across the city,” said CHA CEO Tracey Scott. “Preserving affordable housing is an important part of CHA’s mission.”
CHA’s support will allow for the preservation and long-term affordability of 56 apartments for low-income residents.
Bill Eager, POAH’s Senior Vice President of the Midwest Region, said: “We laud the CHA for its partnership in assuring that the historic Levy House will stay affordable and that the current tenants can be secure in their future. Housing is always of great concern to seniors – these days perhaps more than ever. As an organization involved in the preservation of affordable housing throughout the nation, we see the CHA funding as exemplary. We wouldn’t be in this position without it.”
POAH is in the process of purchasing Levy House from its current owner with plans to rehab and modernize the property. Currently, Levy House is nearly fully occupied, and new residents will be selected from CHA’s waitlist, to ensure that some of the City’s most vulnerable seniors have access to quality, affordable housing.
49th Ward Ald. Maria Hadden said: “I would like to thank POAH for working so closely with CJE, the CHA, the Jane Addams Senior Caucus, and our office to purchase the Levy House. This acquisition and partnership has ensured that 100 percent of the units will be affordable for residents currently living there. In a time of so much uncertainty, it is especially important that we don’t displace our most vulnerable neighbors.”