For Immediate Release

Contact: Marilyn Katz

312.822.0505 | mkatz@mkcpr.com

 

Preparing for a New Era at Newberry Park Apartments

Affordable family housing preserved in the face of increasing rents and development in surrounding area

 

Chicago (July 1, 2015) - Continuing its mission to preserve and extend the life of at-risk affordable housing, Preservation of Affordable Housing (POAH) is ready to begin a $4.7 million make-over of the 84-unit Newberry Park Apartments, just south of Roosevelt Road on Blue Island.

 

POAH purchased the property, which was originally built in 1994, from Apartment Investment and Management Company (AIMCO) in June and plans a renovation of the units, building envelope and heating and cooling systems later this summer.  When complete the complex will continue to offer 25 two-bedroom units, 48 three-bedroom units and 11 four-bedroom units -- all affordable to low- and moderate- income families.

 

POAH’s acquisition of this property will extend the affordability of a housing complex with expiring rent restrictions. Given Newberry Park’s desirable location existing households would likely have been dislocated if POAH, the City of Chicago and the State of Illinois had not acted. Newberry is on the Near West Side near Chicago’s Medical District and University of Illinois-Chicago, the project will receive significant financial assistance from the City of Chicago and the Illinois Housing Development Authority (IHDA).

 

“Newberry Park Apartments will keep affordable housing prices within the reach of Chicago residents who are supporting themselves and their families,” said Bill Eager, POAH Vice President, Chicago. “In addition, the location is favorable for family housing with its proximity to schools, retail, transportation and a park district center with before and after school services, summer programming and child care.”

 

Newberry Park Apartment marks the second 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 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 more than 9,000 affordable homes at more than 70 properties in nine states and the District of Columbia.

 

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