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                                                                                                 Contact: Brian Berg 312.282.8260

                                                                                             MK Communications I Brian@mkcpr.com

Redesign of Woodlawn Now Includes Additional New Housing and Retail  

Chicago -- (September 16, 2016) Thirty-four new homes and a new $28 million mixed-use project comprise the latest economic development opportunities headed for Woodlawn that signals the revitalization of this South Side community is continuing.   

“We couldn’t be more excited about the newest development projects contributing to the   redesign and revitalization of Woodlawn,” said Bill Eager, Director of POAH.  “Whether it’s the Obama Library or now the announcement about new homes and new retail, we’re thrilled by the economic opportunities and the commitment from our community partners to build a stronger, heathier Woodlawn,” added Eager.

POAH will use a $5 million loan to build “Woodlawn Station,” a four-story residential and retail center at the northeast corner of 63rd Street and Cottage Grove.  The building will feature 55 market-rate and affordable apartments and 15,000 square feet of retail space.  The development also includes two new buildings comprised of 15 mixed-income rental apartments at 6408 and 6432 South Maryland Avenue. 

Additional funding for the POAH development includes $1.1 million in Low Income Housing Tax Credits from the Illinois Housing Development Authority that will generate $12.4 million in equity, a $6 million Choice grant from the U/S/ Department of Housing and Urban Development, $5 million from the City of Chicago Department of Planning and Development and a private mortgage loan. 

KMW Communities LLC will build nine single-family homes, 12 townhomes and four condominiums on lots on the 6100 and 6200 blocks of South Greenwood Avenue and the 6200 block of Woodlawn Avenue, they are acquiring from the City of Chicago.  The parcels are being sold for their appraised value of $461,500. The one-to-four-bedroom homes that are expected to start construction later this year will range from $201,000 to $595,000.    

Greenline Development LLC will build nine single-family, 3,300 square-foot homes, on two lots it is acquiring from the City on the 6100 block of South Ellis Avenue and on two lots on the 500 block of East 60th Street for the combined appraised value of $393,500. Each home consists of four-bedrooms and two baths and will be priced at $475,000. Greenline expects to begin construction by mid-2017.

About POAH:

POAH is a mission-driven affordable housing nonprofit with offices in Chicago and Boston. POAH’S mission is to preserve and steward affordable rental housing to provide stability, hope and economic security to low-to-moderate income families. POAH owns and operates approximately 9,000 affordable homes at more than 80 properties in nine states and the District of Columbia. 

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