The NHP Foundation (NHPF) has acquired the Edwin C. Berry Manor Apartments, a Section 8 senior housing property in Chicago. The acquisition was made possible by a financial partnership with the Low Income Investment Fund (LIIF).
NHPF will preserve and maintain the 57-unit affordable property built in 1991, making it the fourth property the organization has acquired or built in Chicago in the last five years and the first specifically for seniors.
“According to a recent report by the Joint Center for Housing Studies of Harvard University, 37% of Chicago households age 65 to 79—or about 220,000—are cost burdened, compared with 30.8% for the nation overall,” said Dick Burns, NHPF president and CEO, in a statement. “The acquisition and preservation of Berry Manor represents an opportunity to provide older Chicagoans in need with critical housing and a better quality of life.”
Operation Pathways, the resident services affiliate of NHPF, will provide on-site services.
Edwin C. Berry Manor Apartments is located in an up-and-coming neighborhood that is seeing new investment, due in part to future construction of the nearby Obama Presidential Library, according to officials.
“Building our affordable housing portfolio in Chicago, including this presence in the growing neighborhood of Woodlawn, is part of a strategic effort to leverage our know-how and that of our great partners to increase the availability of rental units for low- to middle-income residents,” added Mecky Adnani, project lead and NHPF senior vice president.
Financing for the approximately $4.9 million project includes $4.5 million from LIIF. NHPF is also committing its own equity.
