This senior property is in the community that will house the Obama Library
NEW YORK, Oct. 5, 2022 /PRNewswire-PRWeb/ -- National not-for-profit provider of affordable housing, NHPF announced today it has secured financing to complete a comprehensive rehab of the Edwin C. Berry Manor Apartments, a senior 202, Section 8 property located at 737 E. 69th St. in Chicago that was acquired in 2019.
The $18.3M in financing for the 57-unit property was made possible with support from: $6.5M of Federal LIHTC / NAHT investor, $1.7M of IHDA Housing Trust Fund, $5.8M of a HUD/FHA 221d4 Loan through Merchants Capital and $110K from ComEd Grant.
The renovations to the building include interior renovations of the 57 units, community room and lobby, MEP system upgrades and exterior landscaping. Operation Pathways, NHPF's Resident Services provider will continue to manage onsite services and programming for residents alongside the property management company, Realty & Mortgage.
The U.S. Census reports that by 2025, the oldest baby boomers will begin turning 80, making the need for senior housing all the more acute. "NHPF recognizes the need for affordable senior housing in Chicago and elsewhere," said Mecky Adnani, Berry Manor lead developer and Sr. Vice President, NHPF, "It is part of our preservation mission to ensure the long-term affordability and viability of properties for older Americans."
Edwin C. Berry Manor Apartments is well-located in an up-and-coming neighborhood that is brimming with new investment, due in part to future construction of the Obama Library. The architect for the project is Weese Langely Weese and the contractor is Burling Builders. Construction on Berry Manor is scheduled to complete in 12 months.
"The preservation of Berry Manor aligns with the goals of the Woodlawn Plan by protecting low income households from displacement and encouraging reinvestment in existing housing," said Dick Burns, CEO, NHPF, "and the work also aligns with the goals of NHPF as we seek to provide much-needed service-enriched affordable housing for singles, families and seniors in the markets we serve.
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 costs 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 54 properties, including over 9,000 units, in 16 states and the District of Columbia. For more information, please visit http://www.nhpfoundation.org.
marijane funess, The NHP Foundation, 9148303754, [email protected]
SOURCE The NHP Foundation