The NHP Foundation acquired the affordable senior property in the same area that will serve as home to the Obama Library
NEW YORK, Nov. 20, 2023 /PRNewswire-PRWeb/ -- In keeping with its mission to preserve affordable housing, national not-for-profit The NHP Foundation ("NHPF") announced it has completed a major renovation of the Edwin C. Berry Manor Apartments, a senior, Section 8 property located at 737 E. 69th St. in Chicago. The rehabilitation was made possible by a financial partnership with HUD, Merchants Capital, Illinois Housing Development Authority (IHDA), National Affordable Housing Trust (NAHT) and UnitedHealth Group.
NHPF is preserving and maintaining the 57-unit affordable property built in 1991, making it the fourth property the organization has acquired or built in Chicago in the last five years and the first specifically for seniors.
On hand to invite residents to celebrate their newly renovated home to the property was Alderwoman Jeanette Taylor who said, "Other notable speakers included Jim Cunningham, Deputy Regional Administrator, Multifamily Midwest Region, HUD, Tracy Sanchez, Deputy Director, Multifamily Financing, IHDA and Tom Kunst, Chief Executive Officer, UnitedHealthcare of Illinois.
"Preserving Edwin Berry Manor, an important senior presence in the rapidly changing Woodlawn community, is part of a strategic effort to leverage our know-how and that of our great partners to preserve affordable rental units for low income residents," said Veronica Gonzalez, project lead and Regional Director of Development, NHPF.
Operation Pathways, a subsidiary of NHPF, will provide social and enrichment services to the residents of Berry Manor. An onsite resident services coordinator will work with residents to support aging well in their independent living spaces. Operation Pathways will offer programs and services in health and wellness and financial stability, as well as organize community enrichment activities.
"We know that access to safe, affordable housing has a direct correlation with improved health, quality of life and community vitality," said Tom Kunst, Chief Executive Officer, UnitedHealthcare of Illinois. "This investment underscores our long-standing commitment to housing, and our commitment to improve the health of people in Chicago.
Added Michael Litka, Senior Asset Manager, Fund Management, NAHT, "NAHT is very proud to partner with The NHP Foundation and our investor, United Healthcare, in recapitalizing and preserving Edwin Berry Manor as a high quality development with services for seniors."
Edwin C. Berry Manor Apartments is well-located in a revitalizing neighborhood that is brimming with new investment. Residents' fears of displacement have heightened due in part to future construction of the Obama Library.
"It took an enormous effort by numerous organizations to put all the financing pieces of the puzzle together," said Alan Cravitz, Sr. Vice Presidents, Merchants Capital. "The good news is that Edwin Berry Manor which has served elderly residents on the South Side for over forty years will continue to do so for forty more."
The apartments were rapidly leased to 100% in September 2023.
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About The NHP Foundation
Headquartered in New York City with offices in Washington, D.C., and Chicago, IL., The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to nearly 18,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 53 properties, including more than 8,000 units, in 15 states and the District of Columbia. For more information, visit http://www.nhpfoundation.org.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a health care and well-being company with a mission to help people live healthier lives and help make the health system work better for everyone through two distinct and complementary businesses. Optum delivers care aided by technology and data, empowering people, partners and providers with the guidance and tools they need to achieve better health. UnitedHealthcare offers a full range of health benefits, enabling affordable coverage, simplifying the health care experience and delivering access to high-quality care. Visit UnitedHealth Group at http://www.unitedhealthgroup.com.
Media Contact
marijane funess, nhpf, 19148303754, [email protected], www.nhpfoundation.org
SOURCE NHP Foundation
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