Development is The NHP Foundation's Second Single-Room Occupancy (SRO) in Chicago
NEW YORK, Nov. 16, 2022 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF) broke ground yesterday on the construction of the Covent Apartments, 30 one-and two-bedroom affordable apartments developed from the Covent Hotel, an SRO in the Lincoln Park section of Chicago. The investment is NHPF's second SRO deal in Chicago, with a total development cost of $21.6M, which includes $7.9M in federal Low Income Housing Tax Credits (LIHTC) and Historic Tax Credits, $5M of City Home and Affordable Housing Opportunity Funds, $3.1M in IHDA Permanent Supportive Housing Funds and $4.9M of a HUD/FHA 220 loan.
The ceremony included remarks from retired Alderman Michele Smith who recounted the history of the Covent as a hotel for traveling vaudeville actors through the present as a supportive service-enriched property that the local community has embraced. Other speakers included Diane M. Shelley, Regional Administrator for HUD who expressed the importance of using HUD resources to create communities that "give everyone a shot" at housing. This was reinforced by Chicago Housing Authority CEO, Tracey Scott whose agency "makes it easier for residents to find their way to places like the Covent" by providing services and vouchers to those in need.
The Covent Apartments follows the development of NHPF's first SRO deal in Chicago, the Mark Twain which provides 148 service-enriched affordable apartments.
In addition to the 30 apartments, the Covent will feature onsite laundry facilities, a community room and an outdoor space. Construction is expected to complete in October, 2023.
"With the extraordinary support of those here with us today, this property, which extends affordability to extremely low-income, homeless individuals or individuals on the verge of homelessness, is becoming a reality," said NHPF CEO Dick Burns, "And with it, we prevent displacement from a higher end, upscale community and provide the only permanent supportive housing in Lincoln Park."
Linn-Mathes is general contractor for the Covent construction and the architect is Weese, Langley, Weese. The 100% affordable development will also feature three retail spaces comprising 4700 square feet.
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About The NHP Foundation
Headquartered in New York City with offices in Washington, DC, 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, and single-family homes that are both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF's Construction Management Group provides in-house resources dedicated to infrastructure review, infrastructure development and cost management. Through Family-Centered Coaching, NHPF's subsidiary Operation Pathways engages with, and assists, families experiencing poverty and other hardship, to problem-solve together. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has over 10,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
Media Contact
marijane funess, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation
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