Boston-based affordable housing nonprofit expands its Chicago footprint

Preservation of Affordable Housing, which built the new Jewel-Osco in Woodlawn, adds six YMCA buildings to its lineup and says more purchases are in the works.

Lisa Bertagnoli | April 16th, 2019

Preservation of Affordable Housing, a Boston-based nonprofit, has paid $24 million for six senior housing buildings in Harvey, South Chicago and the South Side of Chicago. The organization bought the buildings from the YMCA of Metro Chicago. The Y says it will keep its three affordable housing buildings on the North Side, and use proceeds from the sale to help fund its youth-development programs.

POAH expanded to Chicago in 2008 with the purchase of Grove Parc Plaza in Woodlawn. It developed Woodlawn's new Jewel-Osco store, which opened on the old Grove Parc site March 7. With the purchase of the YMCA buildings, it now has about 1,200 affordable housing apartments in the Chicago area, and plans to close on about 400 more in the next month or two, says William Eager, vice president for POAH in Chicago. Eager says that the organization overall holds about $1 billion in real-estate assets, adding up to about 12,000 apartments in 11 states and Washington, DC. 

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