Friday, March 28, 2014

Boston Capital invests in Chicago multifamily community

News from NHC's family of members
by Radiah Shabazz, National Housing Conference

Chicago’s Northwood Park neighborhood is about to get a facelift as NHC member Boston Capital has invested in rehabilitation of the community’s Senior Suites multifamily housing community. The newly rehabilitated community will include the preservation and reuse of the historic 1910 Passionist Monastery as a three-story addition to the multifamily housing project.

The rehabilitation of Senior Suites is expected to generate over $12 million in local wages, create more than 140 Chicago-area construction jobs and offer five permanent positions. With the investment from Boston Capital, 84 units will be added to Senior Suites, bringing Boston Capital’s total Illinois affordable housing investment to 3,500 units. Senior Suites will include 10 studio-style units, 63 one-bedroom units and 11 two-bedroom units, all of which will feature central air conditioning, emergency call systems and storage. The rehabilitation of the development is made possible by tax equity from the Low Income Housing Tax Credit.

“Boston Capital is excited to once again partner with Bob Gawronski and the Senior Lifestyle Corporation in the rehabilitation of Senior Suites Norwood Park,” Jack Manning, president and CEO of Boston Capital said in a press release. “Our residents will benefit from the on-site programs provided by Senior Lifestyle Corporation as well as the development’s close location to public transportation, Immaculate Conception Parish, Resurrection Medical Center and the Norwood Park Senior Center.”

The Housing Credit has a significant impact for communities by creating and preserving affordable housing. As our Vice President for Policy and Advocacy, Ethan Handelman, notes in a February blog post, the Housing Credit continues to be the most effective incentive in providing affordable multifamily housing. NHC is paying particular attention to the treatment of the Housing Credit as conversations about tax reform continue.

Other amenities provided by Senior Suites will include free monthly housekeeping, complimentary laundry service and meal services. The development will be available to low to moderate-income older adults and their families.

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