The City of Chicago Issues $15 Million for Preservation of Senior Housing Building in East Rogers Park

January 19, 2023

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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