CHICAGO, IL — (RealEstateRama) — Preservation of Affordable Housing (POAH) announced today that it is acquiring six senior housing facilities financed by HUD and previously or currently owned by YMCA Foundation entities. POAH will continue providing affordable rental housing to seniors at all 461 apartments, which have been managed by the YMCA of Metropolitan Chicago. As the new owner, POAH will honor existing leases for current residents in all six buildings.
POAH, a nonprofit organization that manages, creates and restores affordable housing, will purchase these facilities with the commitment to continue to provide affordable housing for years to come. POAH plans in the coming years to secure financing to complete capital improvements that will extend the life of these buildings and enhance residents’ comfort and experience.
This preservation-focused sale will allow the YMCA, meanwhile, to increase focus on its core mission of youth development and member services at centers, camps, and other community locations throughout the region. The YMCA will continue to provide over 600 units of affordable housing at three remaining YMCA facilities that also operate membership centers.
“We are pleased to build upon the YMCA’s proud history of providing affordable HUD housing for seniors,” said Bill Eager, Vice President, POAH Chicago. “With our considerable operations in Chicago and elsewhere in Illinois, these six facilities expand POAH’s commitment to property redevelopment and reinvestment, infrastructure improvements and employment services in addition to supports and investments in community institutions.”
The acquisition expands POAH’s footprint in Chicago into three new communities plus the suburb of Harvey and brings to nearly 1,500 the number of apartments the nonprofit has developed or purchased here since 2008. Bolstered by a $30 million HUD Choice Neighborhood Initiative grant in 2011, POAH has built and renovated mixed-income, mixed-use communities, created new levels of community collaboration and coordinated partner-driven development.
A key example of this approach is POAH’s collaboration with Claretian Associates to preserve the newly-acquired 101 units of housing at the South Chicago Elderly housing at 3039 E. 91st Street. POAH and Claretian now co-own the South Chicago property. Claretian will provide direct services to tenants and move some of its operations into the building. Claretian, a nonprofit housing developer and community services provider based in South Chicago, will also assist POAH in fortifying the health of the South Chicago facility tenants through the incorporation of wellness services.
YMCA of Metro Chicago President and CEO Richard Malone said that as part of the Y’s ongoing focus on youth development, the YMCA is maintaining an active presence in South Chicago. “The YMCA of Metro Chicago will continue to provide Youth Safety and Violence Prevention programming from its current South Chicago location” said Malone, who noted that the YMCA offers many of its programs through partner sites. “The Y is dedicated to building healthy, confident, connected, and secure children and families throughout Chicagoland.”
The YMCA Foundation elderly housing properties that POAH is acquiring are:
South Chicago Elderly Housing (101 units), 3039 E. 91st Street, Chicago, IL 60617
South Suburban Elderly Housing (120 units), 178 E. 155th Street, Harvey, IL 60426 (both formerly owned by YMCA of Metropolitan Chicago Foundation)
Greater Roseland Elderly Housing (60 units), 19 E. 110th Place, Chicago, IL 60628 (owned by Young Men’s Christian Association of Metropolitan Chicago Foundation for Greater Roseland)
Washington Park Elderly Housing (60 units), 5040 S. Indiana Avenue, Chicago, IL 60615 (owned by Young Men’s Christian Association of Metropolitan Chicago Foundation for Washington Park)
Harvey II Elderly Housing (60 units), 166 W. 151st Street, Harvey, IL 60426 (owned by YMCA of Metropolitan Chicago Foundation for Harvey II)
Harvey III Elderly Housing (60 units), 174 W. 151st Street, Harvey, IL 60426 (owned by YMCA of Metropolitan Chicago Foundation for Harvey III)