The Preservation Compact coordinated efforts with developers, elected officials, and government agencies to preserve the affordability of three buildings in Lakeview and West Ridge. In a $19 million sale, the Chicago Housing Authority (CHA) acquired these buildings, which contain 111 units, from Presbyterian Homes.
Last fall, it looked like these three affordable senior properties were about to be lost – and 111 elderly households displaced – when Presbyterian Homes announced plans to sell to market-rate developers. The Preservation Compact worked closely with a number of partners to convince the owner that an affordable proposal could work, and identified resources to preserve the affordable housing.
“Preserving this property is proof of a great collaboration. The CHA really stepped up to create long-term affordability for residents – current and future – in some of the City’s most vibrant markets,” said Stacie Young, Director of The Preservation Compact. Read the full story here.