For Immediate Release

Contact: Marilyn Katz

312.822.0505 | mkatz@mkcpr.com

 

Lafayette Terrace Apartments has New Look and Owners

$5 million renovation ensure sustainability and affordability of family and senior housing

 

Chicago (September 21, 2015) –  Meeting the twin needs for upgrading of aging properties and sustaining affordable housing options in Chicago,  Preservation of Affordable Housing  (POAH) Inc., one of the nation’s leading affordable housing preservation entities, announced that it has purchased Lafayette Terrace Apartments and will renovate and maintain it as affordable housing.

 

Lafayette Terrace Apartments, a 94-unit development consisting of eight buildings, which includes a 52-unit mid-rise senior building at 6950 S. Vincennes and 42 family townhomes units located just west of the Dan Ryan Expressway along 75th Street, will undergo a $5 million makeover (approximately $55,000 per unit) while preserving the property as affordable housing. The renovation, scheduled to be completed in nine months, will include energy efficiency upgrades, improvements, new windows, a new roof on the midrise, new kitchens and baths, and common area improvements.

 

“Lafayette Terrace Apartments is unique in that it is located on two sites about a mile apart serving two distinct populations,” said Bill Eager, POAH Vice President, Chicago. “The work we are completing on the project will keep affordable housing prices within reach of Chicago residents who are supporting themselves and/or their families.”

 

Built in in 1983 and located just steps from the 69th street Red line station, the transit-oriented development marks the third multi-family complex POAH has acquired in Chicago outside of the Woodlawn neighborhood. POAH arrived in Chicago in 2008 at the request of Grove Parc Plaza tenants, neighbors, the City of Chicago and the U.S. Department of Housing and Urban Development. POAH was tasked with transforming Grove Parc Plaza Apartments, a 500 plus-unit blighted complex between 6100 and 6300 S. Cottage Grove, from a community eyesore into a mixed-income development that could anchor and stimulate community improvements.

 

To date, POAH has built or rehabbed more than 400 apartments in mixed-income buildings in Woodlawn, partnered with METROSquash to construct a youth sports/education center, created new levels of community collaboration and coordinated partner driven development along 63rd Street.

 

Preservation of Affordable Housing (POAH) is a nonprofit organization whose mission is to preserve and steward affordable rental housing for low- and moderate-income individuals and families.  POAH owns and operates nearly 9,000 affordable homes at more than 70 properties in nine states and the District of Columbia.

 

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