NHPF recently marked the grand re-opening of The Covent Apartments, a development consisting of 30 affordable studio units. These apartments were created from the renovation of the historic Covent Hotel, located in Chicago’s Lincoln Park neighborhood.
The ceremony was attended by developers and city officials from CHA (Chicago Housing Authority). This marks NHPF’s second successful SRO project in Chicago, with a total cost of $21.6 million. Funding for this project includes $7.9 million in federal Low-Income Housing Tax Credits (LIHTC) and Historic Tax Credits, as well as $5 million from City Home and Affordable Housing Opportunity Funds. Additionally, IHDA Permanent Supportive Housing Funds contributed $3.l1 million while a HUD/FHA 220 loan provided an additional $4.9 million.
To further support this development, FHLBank Chicago granted an Affordable Housing Program General Fund grant totaling to$698910 . Construction is being handled by Linn-Mathes while Weese Langley Weese serves as architect for this fully affordable community which also features three retail spaces spanning over 4 ,700 square feet.
This event marks yet another milestone achievement for NHPF in their mission to provide quality housing options at affordable rates within urban communities like Lincoln Park without compromising on design or amenities.
