Chicago- Local leaders joined POAH to celebrate the completion of the $5 million renovation of 84 affordable apartments at Newberry Park Apartments on the West Side of Chicago. Located near Chicago’s Medical District, the University of Illinois at Chicago, public and private schools, retail shops, a park, CTA bus and transit lines, and child care services, Newberry Park consists of 25 two-bedroom units, 48 three-bedroom units and 11 four-bedroom apartments.
"The public financial support for Park Newberry is part of a citywide commitment to help families where it matters most: in their homes. The project will help preserve neighborhood affordability for decades to come,” said Commissioner David Reifman, City of Chicago, Department of Planning and Development.
POAH purchased Newberry Park Apartments, an affordable residential rental property for families from AIMCO in the summer of 2015 with significant financial assistance from the City of Chicago, the Illinois Housing Development Authority (IHDA) and the U.S. Department of Housing and Urban Development (HUD).
Newberry’s two residential buildings and management office underwent the first major improvements to the property in its 20 plus year history with energy efficiency, new appliances, LED lighting, and other new fixtures and amenities including new kitchens, HVAC system, playground, bathrooms, landscaping and security cameras.
“The improvements to Newberry Park Apartments demonstrate our commitment to extending quality affordable housing in favorable urban locations to residents who are supporting themselves and their families,” said Rodger Brown, POAH's Managing Director of Real Estate.
“We’re grateful for the effort and commitment to preserving and enhancing quality affordable housing in such a desirable and vibrant neighborhood,” said Margaret Price a long-time resident of the Near West Side and Newberry Park Apartments.
Financing for the renovation was provided by POAH and its public and private community partners including:
- The City of Chicago, CDBG loan
- Illinois Housing Development Authority allocated Low Income Housing Tax Credits and a loan from its Preservation Now program
- Walker and Dunlop first mortgage through HUD’s Section 221(d)(4) program
- The National Affordable Housing Trust provided tax credit equity
- Citibank underwrote the bond purchase and U.S. Bank, the bond trustee;
- Low Income Investment Fund provided acquisition and pre-development funding;
- Illinois Clean Energy Community Foundation provided grant to purchase energy –efficient lighting;
- Elevate Energy provided grant to purchase all new Energy Star Appliances.
photo:Jaime Torres Carmona, Canopy / architecture + design; Robert Mathes, Linn-Mathes, Inc.; Alderman Danny Solis (25th Ward); Brandi Dixon, Senior Property Manager, POAH Communities; Margaret Price, Newberry Park Apartments resident; Rodger Brown, Managing Director of Real Estate, POAH; Commissioner David Reifman, City of Chicago; Andrew DeCoux, Assistant Director, IHDA; Aaron Gornstein, President/CEO POAH; and Bill Eager, VP, Chicago POAH