The Covent Ribbon-Cutting Celebrated the Opening of 30 Newly Rehabbed Affordable Apartments

30 Newly Rehabbed Affordable Apartments Development is The NHP Foundation's Second Single-Room Occupancy (SRO) in Chicago

NEW YORK, Nov. 28, 2023 /PRNewswire-PRWeb/ -- The NHP Foundation (NHPF) yesterday celebrated the re-opening of the Covent Apartments, 30 affordable studio apartments developed from the Covent Hotel, an SRO in the Lincoln Park neighborhood of Chicago in a Ribbon-Cutting ceremony.

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 project also received a $698,910 Affordable Housing Program ("AHP") General Fund grant from FHLBank Chicago. "AHP subsidies provide support for affordable housing in partnership with our member institutions, community organizations, developers, public housing authorities, and tribal governments," said Katie Naftzger, Community Investment Officer, FHLBank Chicago. "The Bank understands the challenges associated with affordable housing and supports organizations like The NHP Foundation‥that provide permanent supportive housing to residents who have experienced homelessness and may be living with a disability. We are proud to congratulate NHPF on their award and their dedication to improving the communities of Chicago."

The ceremony included remarks from Cary Steinbuck, Deputy Chief of HCV Administration, Chicago Housing Authority who said, "CHA is proud to partner with the NHP Foundation to preserve Covent Apartments by contributing 30 Project-Based Vouchers. This investment will provide more than $17.3 million in rental assistance over the next 30 years. Covent furthers CHA's commitment to assist Chicagoans move from homelessness to stable housing through long-term housing affordability with wraparound supportive services."

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 features onsite laundry facilities, a community room and an outdoor space.

"Being able to restore this extraordinary space, and provide the only permanent supportive housing in Lincoln Park enables individuals in the most dire circumstances to have an affordable home," Said Covent lead developer Veronica Gonzalez, "And with the support of our public and private partners here with us today, we prevent displacement from a higher end, upscale community and maintain the character of the community. We congratulate our tax credit investor R4 Capital, and our lender Merchants Capital for their partnership in completing this important project."

Linn-Mathes is the General Contractor for the Covent construction and the Architect is Weese, Langley, Weese. The 100% affordable development also features three retail spaces comprising 4700 square feet.

About The NHP Foundation‥‥
Headquartered in New York City with offices in Washington, DC, Baltimore 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, nhpf, 19148303754, [email protected], www.nhpfoundation.org 

SOURCE nhpf