March 26, 2019 — Boston Capital is investing in the renovation of Johnson and Butler-Lindon Apartments, a 106 unit apartment community in Chicago, Illinois. The general partner is Preservation of Affordable Housing, Inc. (POAH), a non-profit affordable housing development company headquartered in Boston, Massachusetts. Johnson and Butler-Lindon Apartments represents Boston Capital’s fifth investment with POAH.
The property will be renovated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, provided through the Illinois Housing Development Authority (IHDA). Units will be available to families and individuals with incomes at or below 60 percent of AMI. Eight (8) supportive housing units will be available for residents with disabilities, and will include supportive services.
Located in the Woodlawn area of Chicago, Johnson and Butler-Lindon Apartments will offer 55 studio units, 43 one-bedroom and eight three-bedroom units. The substantial rehabilitation of the units will include kitchens and countertops, bathroom fixtures, electrical fixtures, flooring, paint, and exhaust fans, as well as accessibility requirements. Development renovations will include window, roofs and gutter replacement, exterior masonry repairs, elevator modernization, replacement of water heaters and boilers, improvements for water savings and energy efficiency, and the renovation of all common areas and corridors.
The Woodlawn neighborhood of Chicago offers strong supportive services and convenient access to transportation routes. The development is located within walking distance to public transportation and shopping, with schools and health services nearby.
“We are excited to once again partner with Aaron Gornstein, Rodger Brown and the Preservation of Affordable Housing team in the rehabilitation of Johnson and Butler-Lindon Apartments,” said Jack Manning, president and CEO of Boston Capital. “Residents of this apartment community will benefit from substantial interior and exterior renovations.”
The Illinois Housing Development Authority (IHDA) awarded the property 9% tax credits which were syndicated by Boston Capital. The development also includes a loan from the City of Chicago, new project rental assistance from the Chicago Housing Authority (CHA), the conversion of CHA assistance for the formerly homeless into a permanent long-term contract, and new vouchers from IHDA to assist households with disabilities.
Boston Capital’s investment in this development adds 106 affordable homes to its apartment portfolio. To date, Boston Capital has invested nearly 4,000 affordable apartments in Illinois.
About Preservation of Affordable Housing, Inc.:
Preservation of Affordable Housing (POAH) is a nonprofit organization whose mission is to preserve and steward affordable rental housing to provide stability, hope and economic security to low- and moderate-income individuals and families. POAH owns and operates 10,000 affordable homes in eleven states and the District of Columbia.