New details have been revealed on the sale and renovation of an affordable housing project at 6430 S Stony Island Drive in Woodlawn. Located just north of the intersection with E 65th Street, the 1969-built structure was recently purchased by the Preservation Of Affordable Housing (POAH) for over $29 million from PNC Bank who has owned the property since 2015. The renovation gives residents a sigh of relief as the area directly across the street from the future Obama Presidential Center grapples with rising cost.
With the popularity of Hyde Park, the future center, and the growing University of Chicago campus, the city has formed a committee to assist with funding affordable housing and will provide $500,000 to the project. However the majority of the funding will come from POAH who has now acquired or built nearly 1,000 apartments in the Woodlawn area, and will be one of the first utilizing four- and nine-percent Low-Income Housing Tax Credits (LIHTC), their own capital, and a loan from Merchants Capital.