The City of Chicago Issues $15 Million for Preservation of Senior Housing Building in East Rogers Park
Financial measures introduced to City Council today by Mayor Lori E. Lightfoot would support the issuance of up to $15,000,000 in tax-exempt housing revenue bonds for the benefit of Preservation of Affordable Housing LLC (POAH), and its renovation plans for Levy House.
Levy House is a seven-story senior housing building in East Rogers Park, featuring 57 one-bedroom apartments. Located a half mile from Lake Michigan, Levy House would have been vulnerable to market-rate or condo conversion without POAH’s intervention, with the support of the Chicago Housing Authority (CHA) and Chicago Department of Housing (DOH).
Total development costs for this 57-unit rehab are currently expected to total roughly $22M. In addition to the use of tax-exempt bonds and the 4% tax credit equity generated from the bonds, other funding will consist of City of Chicago Multi-Family Loan funds, a CHA loan, a first mortgage, as well as several additional grant sources.
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