CCDC acquired this 167 unit property, which consists of 12 buildings at different sites in Englewood, in December 1995. Englewood Gardens is a participant in HUD’s Pension Fund Demonstration Program. First mortgage financing was provided by various union pension funds pooled by Equitable Real Estate Investment Management Corporation. Residents will receive project-based Section 8 assistance at the property for 15 years.
Construction and secondary financing for Englewood was provided by the City of Chicago. Low Income Housing Tax Credits were awarded to the Project by the City of Chicago and were syndicated by the Chicago Equity Fund. Bank One of Chicago provided a Construction Letter of Credit to secure the financing during construction. All construction financing was finalized on April 18, 1996. Construction started on April 22, 1996 and was completed in July 1997.
In 1998 Englewood Gardens was selected by LISC as “For Profit Project of the Year” at the Neighborhood Community Development Award Program. In November 1998 Englewood Gardens became the first site to implement a TLC@Home Computer Learning Center funded by Illinois Housing Development Authority and the Chicago Equity Fund.