City Passes Amendment to Change Ownership Entity From Duo Development to Homekeep LLC

April 17, 2024

The Chicago Department of Housing (DOH) passed an amendment allowing Duo Development to change ownership to HomeKeep LLC. The transfer will aid in streamlining funding and allow HomeKeep to continue preserving affordability for its residents.

HomeKeep LLC owns three properties, each comprising eight units. The properties are located at 2537 N Lowell Ave, 2904 N Linder Ave, and 4510 N Central Park Ave. Each unit will be 100% affordable at 80% of the Area Median Income (AMI) or below.

The transfer of ownership does not affect the original structure of this project, which aims to maintain affordability for the current and future residents of the buildings over 30 years.

The 30-year plan allows residents of the buildings to become co-investors in the buildings and share in any potential returns. It also gives tenants the option to be treated as investors by incorporating part of their monthly rent as an equity contribution, to build wealth during the period of rent.

Illinois Facilities Fund (IFF) will be leading the financing of the project. The senior IFF loan will be reduced and resized through a proposed $1,000,000 in PEAR loan assistance. HomeKeep LLC is also seeking funding from Elevate Energy, a Chicago-based nonprofit.

To maintain 100% affordability, HomeKeep is collaborating with Communities United, a community-led racial justice organization that advocates for affordable housing and the rights of immigrants and has a strong presence in Hermosa, Belmont Cragin, and Albany Park where the three properties are located.


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