Preservation of Affordable Housing (POAH) announced two new senior-focused housing deals in changing Chicago neighborhoods.
In Rogers Park on the far north side, POAH closed on its purchase of Levy House at 1221 W. Sherwin, a 57-unit building for seniors just a half-block from Lake Michigan. The acquisition is POAH’s second since entering the North Side market last fall, when it became co-owner with the Voice of the People of 11 buildings in Uptown.
In East Woodlawn, meanwhile, POAH recently closed on financing to rehab and extend the affordability at Father Martin Farrell House, which it purchased in 2019. Located within walking distance of Jackson Park and the Obama Presidential Center at 1415 E. 65th Street, Farrell House is a 59-unit, five-story elevator apartment building for seniors and disabled individuals.
“For the past several years we’ve expanded our portfolio to help ensure affordable housing throughout the Chicago area,” said Bill Eager, senior vice president, POAH Midwest. “These two properties—one across from the planned Obama library and the other in the lakefront community of Rogers Park, are examples of our preservation efforts in changing neighborhoods.”
Farrell House’s amenities include laundry facilities, a computer lab, a community room with a pool table and piano and on-site maintenance and management. Residents also have access to off-street parking. Its residents can walk to CTA bus stops and the Metra Electric commuter rail line. And as with all POAH units in Woodlawn, the residents of Farrell House can access resources and services at the Woodlawn Resource Center.
POAH’s acquisition of Levy House from the Council for Jewish Elderly was assisted by the Chicago Housing Authority and the city of Chicago and financed through PNC Bank. Last fall, the City Council approved $3.75 million to assist with the purchase, renovation and updating of the 70-year-old building.
POAH will take over property management through its affiliate POAH Communities and begin rehabilitation of the property in late 2021. The work will include installation of a new energy-efficient heating and cooling system and modernizing the one-bedroom apartments and the exercise and community facilities.
“We’re excited about this opportunity to preserve affordable housing in Rogers Park,” said Eager. “It’s a great property and our first in this community. I want to thank the CHA and the city of Chicago, because without their involvement, it would have been virtually impossible to keep this building affordable.”
The CHA is providing $3 million in funding and 56 project-based vouchers that will allow for market rents without increasing what residents pay. “It is more important than ever to ensure housing stability for low-income Chicagoans, which is why we will continue to expand our investments to serve communities across the city,” said Tracey Scott, CEO, CHA.
Starting in Woodlawn in 2008, POAH now has developed or acquired, and now manages more than 2,100 affordable apartments in 11 Chicago neighborhoods and two suburbs.