October 14, 2010

Mayor Daley Joins Housing Officials For Groundbreaking Of Hope Manor Veterans Apartments

Land Donated by the City of Chicago Provides Housing Service to Homeless Veterans
Mayor's Press Office    312.744.3334
Mayor Richard M. Daley today joined housing officials and community members for the groundbreaking of the Hope Manor Apartments that will provide affordable housing and supportive services to 80 homeless veterans on the City’s West Side at 3053 West Franklin Boulevard.
The $14.4 million development is intended for the exclusive use of homeless veterans in Chicago. The four-story structure will include 30 studio apartments, 10 two-bedroom units and 10 three bedroom units.
The long term goal of the Hope Manor Apartments is to change and improve the lives of the men and women of our country’s various Armed Forces who have sacrificed their time and energy to protect our freedom.
The Hope Manor Apartments to be located on this vacant parcel of land will help formerly homeless veterans reintegrate back into the workforce and help them get the resources they need to lead productive lives,” said Mayor Daley. “These types of affordable housing projects are a great example of how Federal, State, City and private enterprise can work together to build housing for our homeless veterans.”
The Hope Manor housing development will be designed exclusively for veterans and will offer a unique and innovative approach to veteran’s housing by combining services to assist these men and women in transforming their lives along with supportive housing.
The facility will offer services for veterans suffering from substance abuse, post traumatic stress disorder and other mental illnesses. Residents will receive job training and legal assistance as well as have the opportunity to be part of a strong support network that will build self sufficiency.
The City of Chicago, working with a variety of affordable housing agencies and advocates was able to develop creative funding solutions by combining low-income housing tax credits and other funding sources from the Illinois Housing Development Authority along with funding from the United States Department of Veterans Affairs. 
The City sold the vacant land valued at $540,000 where the Hope Manor Apartments will sit for $1 and provided $1.5 million in loans for the proposed development.
The Illinois Housing Development Authority provided support for the project, contributing stimulus funds, loans and federal low income housing tax credits which will generate more than $8 million in equity. 
An energy grant from the state will provide funds for a number of energy-efficiency upgrades, including a partial green roof, a solar hot water heater and Energy Star appliances.
The City of Chicago’s Low-Income Housing Trust Fund has also developed a new initiative to assist veterans.  During the coming year, $400,000 in renewable, annual rental subsidies will be directed to assist very low-income veterans — those living below 30 percent of the area median income.   
The Trust Fund has also closed on a major project -- its first Multi-year Affordability through Upfront Investment of $1.2 million to rehab 8 apartments for low-income veterans on the West Side.
“We are committed to providing not only the needed, safe and affordable housing that our veterans deserve but also the educational, employment, medical and social services they need to get back on the path to independent living,” said Mayor Daley.
“Our nation’s veterans have veterans have made sacrifices on behalf of our country, and we are honored to respect their service in this way,” added the Mayor.