Chicago Community Development Corporation

Northeastwood Shores Apartments

Wed, 16 Nov 2005 10:26:13 -0600

This 231-unit Section 221(d)(3) project was acquired in 1990 by CCDC under a Plan of Action in accordance with Title II of the Housing and Community Development Act of 1987. Under this plan, developed in cooperation with the 850 West Eastwood Tenants Association, a $4.7 million dollar rehabilitation program addressing all major systems was successfully completed on time and under budget. In addition, the Tenants Association is undertaking a Resident Management Training Program funded by ownership and joined the ownership entity as a partner in 1995.

Germano-Millgate Apartments

Wed, 16 Nov 2005 09:40:11 -0600

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.

6100 Wabash Apartments

Wed, 16 Nov 2005 09:39:11 -0600

This 24-unit rehabilitation project is a joint venture with the Faith Tabernacle Baptist Church to renovate this vacant 2-building complex located in Chicago's Washington Park community. This revitalization project provides 24 units of affordable housing to targeted homeless families and families at risk of becoming homeless. The financing plan developed by CCDC consists of mortgages issued by LaSalle Bank and the City of Chicago and tax credits. The plan includes both a total physical renovation and a special social and supportive services program for project residents.

The Project was selected by the Chicago Board of Realtors for its 1995 "Good Neighbor" Award for multifamily rental properties.

Englewood Gardens Apartments

Wed, 16 Nov 2005 09:38:11 -0600

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 received 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, and 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.

Lake Grove Village Apartments

Wed, 16 Nov 2005 09:37:11 -0600

Lake Grove Village is a 458-unit property located at 35th and Cottage Grove that CCDC acquired in March, 1998. The acquisition and rehabilitation were financed with the proceeds of a mortgage issued under the Illinois Housing Development Authority’s (IHDA) Risk Sharing Program and equity generated through the sale of tax credits issued by IHDA. The equity was provided by the Chicago Equity Fund. The project will undergo a $6.5 million rehabilitation that will be completed in December, 1999.

Archer Courts Apartments

Wed, 16 Nov 2005 09:36:11 -0600

CCDC closed on the acquisition of Archer Courts Apartments in June, 1999. This 147-unit property was constructed by the Chicago Housing Authority under its “City/State” Program in 1951. CCDC’s preservation plan for the property will maintain the rental subsidy in place for the predominantly elderly development and will result in over $6 million of renovation at the development including enclosure of exterior corridors with a new energy efficient and aesthetically pleasing curtain wall. Archer Courts won second place among 26 entries in the 2002 Richard Driehaus “Excellence in Design” Competition.

Barbara Jean Wright Court Apartments

Wed, 16 Nov 2005 09:35:11 -0600

Barbara Jean Wright Court Apartments (B.J. Wright) is a 272-apartment complex located on Chicago’s near West Side adjacent to the University of Illinois at Chicago. CCDC acquired B.J. Wright in July, 1999 and implemented an affordable rent structure at the property to prevent the displacement of current residents and to preserve the property from potential conversion to market rate housing. The property will undergo a $6.5 million rehabilitation commencing in October, 1999.

Pheasant Ridge/Hunter Apartments

Wed, 16 Nov 2005 09:34:11 -0600

CCDC acquired these adjacent expiring use, project-based Section 8 developments in April 2001. The properties consist of 176 apartments and are located in Orland Hills, Illinois, a Southwest suburban community. CCDC completed a $2 million renovation in December 2001. The acquisition and rehabilitation were financed with the assistance of the Illinois Housing Development Authority.

Fox Shore Apartments

Wed, 16 Nov 2005 09:33:11 -0600

Fox Shore Apartments is a 94 unit multifamily apartment complex located on the Fox River in Aurora, Illinois. CCDC acquired this property in October, 2002 with financing provided by the Illinois Housing Development Authority. The property is preserved under HUD’s Mark Up to Market initiative to preserve well located housing near job opportunities and transportation.

51st and King Apartments

Wed, 16 Nov 2005 09:32:11 -0600

CCDC formed a joint venture with The National Housing Trust/Enterprise Corporation to acquire this 96 unit apartment building in December, 2002. The 8.7 million dollar development plan was financed by the City of Chicago, the Illinois Housing Development Authority, and The Federal Home Loan Bank AHP program.

Archer Courts Townhouses

Wed, 16 Nov 2005 09:31:11 -0600

Developed under the City of Chicago’s Homestart Program, Archer Courts Townhomes is a market rate, for sale development of 43 townhomes built on the vacant parcel of land adjacent to the Archer Courts Apartments in Chicago’s Chinatown neighborhood. Construction of the development was completed the Summer of 2004. The sale of the units was completed in the Fall of 2004. The townhomes were awarded 2nd place in the 2004 Driehaus Design Awards and the 2005 Precast/Prestressed Concrete Insitiute Award for Best Multifamily Building. The townhomes complete the comprehensive redevelopment of the corner of Princeton Avenue and Archer Avenue as a cohesive mixed income community.