This 350-unit Section 236 project was acquired by CCDC in 1993, pursuant to a HUD- approved TPA wherein CCDC became the new general partner for the project partnership and has undertaken the $6.7 million rehabilitation of this troubled and critically needed low income housing resource. The financing plan for this revitalization program was developed by CCDC and consists of HUD Flexible Subsidy loan, a third mortgage issued by the Illinois Housing Development Authority and the syndication of low income housing tax credits issued by the City of Chicago. The Germano-Millgate Revitalization Plan was developed with input from local community organizations and residents and has been endorsed as a model by local housing agencies and elected public officials. The Plan also includes a Resident Services Program which will provide community space and programs such as day care and tutoring for the first time for project residents.
The project was completed in August 1995 and was selected in January 1996 as the second annual winner of the City of Chicago’s “Neighborhood Community Development” Award for for profit sponsors.