POAH - Preservation of Affordable Housing

The Preservation Challenge
Crestview Village Apartments was built in 1968 under the federal Section 236 program to provide families in Kankakee affordable housing options within a safe and secure neighborhood. By the year 2000, Crestview Village had become one of the most troubled developments in HUD’s Illinois portfolio. The complex had been mismanaged by its owners, had fallen fell into a deep state of disrepair and had become a virtual prison for its residents.

In 2003, in the face of deplorable conditions and years of non-compliance by its owners, HUD began mortgage foreclosure proceedings against Crestview’s owners and scheduled termination of Section 8 vouchers for the complex. During these proceedings, Crestview residents were offered housing vouchers to allow them to find other decent, safe, affordable accommodation. However, only 40 of the eligible families were able to find another place to live.

POAH’s Role
POAH crafted a complex layering of financial subsidy to underwrite the purchase Crestview Village in 2005. This included State of Illinois Donation Credits, a unique preservation funding mechanism available only in Illinois and one other state. As owner, POAH completed over $5 million in capital improvements to the property. Every apartment was renovated, including new kitchens and baths, heating and cooling systems, paint, floor tile, closet shelving and blinds. The exterior face lift included new rooflines--eliminating problematic flat roofs—as well as new lighting to enhance safety, 40 new trees to beautify the site, and a rebuilt playground with new equipment.

The former office was doubled in size to create a community center for resident gatherings, classes and meetings. There is also a Kankakee Police Department substation on the site, and the City-sponsored wireless access network was specifically redrawn to incorporate Crestview Village within its footprint.

200 Crest Lane Kankakee, IL 60901 After years of deplorable mismanagement, Crestview Village and its residents got a new lease on life when POAH purchased the property in 2005. The development was renovated inside and out; among its most modern features is the wireless internet access provided for every family and in the community center.	Project Partners • Illinois Housing Development Authority (IHDA) • Bank of America • Prudential Mortgage Corporation • National Equity Fund • U.S. Department of Housing and Urban Development (HUD) • City of Kankakee The Preservation Challenge Crestview Village Apartments was built in 1968 under the federal Section 236 program to provide families in Kankakee affordable housing options within a safe and secure neighborhood. By the year 2000, Crestview Village had become one of the most troubled developments in HUD’s Illinois portfolio. The complex had been mismanaged by its owners, had fallen fell into a deep state of disrepair and had become a virtual prison for its residents. In 2003, in the face of deplorable conditions and years of non-compliance by its owners, HUD began mortgage foreclosure proceedings against Crestview’s owners and scheduled termination of Section 8 vouchers for the complex. During these proceedings, Crestview residents were offered housing vouchers to allow them to find other decent, safe, affordable accommodation. However, only 40 of the eligible families were able to find another place to live. POAH’s Role POAH crafted a complex layering of financial subsidy to underwrite the purchase Crestview Village in 2005. This included State of Illinois Donation Credits, a unique preservation funding mechanism available only in Illinois and one other state. As owner, POAH completed over $5 million in capital improvements to the property. Every apartment was renovated, including new kitchens and baths, heating and cooling systems, paint, floor tile, closet shelving and blinds. The exterior face lift included new rooflines--eliminating problematic flat roofs—as well as new lighting to enhance safety, 40 new trees to beautify the site, and a rebuilt playground with new equipment. The former office was doubled in size to create a community center for resident gatherings, classes and meetings. There is also a Kankakee Police Department substation on the site, and the City-sponsored wireless access network was specifically redrawn to incorporate Crestview Village within its footprint.
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