Greenwood Park Apartments in Kenwood will be rehabilitated and preserved for low-income tenants through a low-interest, $2.5 million multi-family loan approved today by City Council.
The $24 million project by Preservation of Affordable Housing (POAH) will create122 renovated apartments in 15 two- and three-story walk-up buildings along 47th Street between Greenwood and Ellis Avenues. Interior improvements will include kitchen and bathroom upgrades and new flooring. Exterior improvements will include new roofs, boilers, windows, sidewalks, and a resurfaced parking lot.
Ninety of the units will be leased to tenants earning up 50 percent of area median income (AMI), and 32 units will be affordable for incomes up to 80 percent of AMI. The U.S. Department of Housing and Urban Development will provide rental assistance for 50 of the units.
Additional funding sources will include $4.4 million Citi loan, $1.8 million grant from Citi Community Capital, $2.8 million from POAH, and $1.7 million in Low Income Housing Tax Credits from the Illinois Housing Development Authority that will generate $11.7 million in tax credit equity for the project.
The Greenwood Park Apartments complex was built in 1974.
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