The Chicago Housing Authority (CHA) has completed its purchase of the Presbyterian Homes housing portfolio, which will add 111 units to the city agency's stock.
The agency paid $19,000,000 for the three buildings, at approximately $175,000 per unit. The purchased buildings are Crowder Place at 3801 N. Pine Grove Ave. and Mulvey Place at 416 W. Barry Ave. in the city's Lakeview neighborhood and Devon Place at 1950 W. Devon Ave. in West Ridge.
"We are pleased that we have now officially become the owners of these three buildings so that we can preserve housing for low-income seniors, while also expanding long-term affordable housing opportunities on the North Side," said CHA CEO Eugene Jones, Jr.
Seventy-one of the 111 units are occupied and the residents will be allowed to remain in their homes, while the 40 vacancies will be filled by those on CHA's wait list. The current residents will have to undergo a U.S. Department of Housing and Urban Development (HUD) eligibility review and all residents will pay 30 percent of their income for rent.
"Preserving this property is proof of a great collaboration. The CHA really stepped up to create long-term affordability for residents - current and future - in some of the City's most vibrant markets," said Stacie Young, director of The Preservation Compact, which helped manage the purchase.
The CHA's Board of Commissioners unanimously approved the purchase in January and the real estate closing took place last week on March 2.