Lake Village East Apartments
Location: Chicago, Illinois
Project Description & Impact: Rehab and Preservation of a 218 unit, mixed-income apartment development at 47th and Lake Park Avenue.
Client: Ansonia Properties, LLC
Financing Tools Used: Tax-exempt bond financing from the Illinois Housing Development Authority (IHDA) and the AFL-CIO, a HUD-insured 221(d)(4) permanent loan funded by PNC Bank, 4% tax credits allocated by IHDA and 4% tax credit equity from the National Equity Fund (NEF), Illinois Affordable Housing Tax Credits (State Donation Tax Credits) allocated by IHDA and tax credit equity from US Bank, Chicago Housing Authority (CHA) Project-Based Rental Assistance, and a HUD Housing Assistance Payments (“HAP”) Contract.
The Story Behind this Project
Lake Village East faced a crossroads. It faced expiring rental subsidies for a portion of its tenants which threatened to displace long-time residents; it needed new rehab and investments; and the surrounding community wanted to see a mixed-income development preserved with long-term affordable housing at this location close to the lake and transit. In stepped Ansonia Properties, LLC, a private development company that develops, owns, leases and manages multi-family residential developments with a plan to acquire and rehab the property, preserve the development as a mixed-income community, and replace the expiring rental assistance with a new source. Ansonia’s creativity, persistence, and vision resulted in a newly-rehabbed building with affordable housing in a great location on Chicago’s south side.
Ansonia won the prestigious Polk Brothers Foundation Affordable Rental Housing Preservation Award for Lake Village East at the 2018 LISC Chicago Neighborhood Development Awards!