The 94 apartments at 325 and 345 North Austin Street (formerly Corcoran Place) were acquired as part of a transaction in which POAH purchased two affordable housing developments - in the Austin neighborhood of Chicago and the City of Elgin, 35 miles northwest of the city.
The apartments are covered by a Section 8 Housing Assistance Program (HAP) contract that preserves affordability. The acquisition expanded POAH’s footprint in and around Chicago in 2019 to nearly 1,700 apartments the nonprofit developed or purchased in the state since 2008.
The Austin housing is located across the street from the Austin Station of the CTA Green Line and the Village of Oak Park and is accessible to transit and buses, major grocery stores and health services. Corcoran Place was built in the early 1980s, and 325 N. Austin was built in the 1920s and renovated in the 1980s. All the buildings have on-site parking, landscaped grounds, shared community rooms, common laundry, and tenant storage.
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 including modest renovations such as improvements of common areas, unit heating and cooling, code and accessibility updates, elevators and other major mechanical systems, flooring and efficient plumbing and lighting, roofing.