The Sangamon Terrace Apartments in Chicago is among one of the last new construction projects financed under the federal Sec. 202 program.
Residents were scheduled to begin moving into the 24-unit development in December.
Developed by Evergreen Real Estates Services on behalf of its nonprofit partner, Englewood Cooperative, Sangamon Terrace is connected by a ground-level corridor to the adjacent 123-unit Bethel Terrace, a senior housing community built in the 1970s. The move allows residents in both buildings to share support staff and the community space at Sangamon Terrace. In addition, the lobby and common areas of the older Bethel Terrace have been renovated.
“It was a creative solution and a win-win for two properties,” says Stephen Rappin, president of Evergreen.
Located in the city’s Englewood neighborhood, Sangamon Terrace was designed by Harley Ellis Devereaux.
Financing for the $8.8 million development included approximately $4.3 million in Sec. 202 funds; $3.1 million in 4% low-income housing tax credit equity from The Richman Group Affordable Housing Corp.; and $1.4 million in HOME funds from the city of Chicago. Citi Community Capital provided a construction loan.
The Sec. 202 program provides supportive housing for low-income seniors 62 years and older. As a result of budget cuts at the Department of Housing and Urban Development, construction of new units has not been funded under the program since 2012.
