Boston Capital is investing in the renovation of the Johnson and Butler-Lindon Apartments, a 106-unit community in Chicago.
The company is providing $13.4 million in low-income housing tax credit (LIHTC) equity to help Preservation of Affordable Housing (POAH), a Boston-based nonprofit, rehabilitate the community.
Located in the Woodlawn area of Chicago, Johnson and Butler-Lindon Apartments will offer 55 studio units, 43 one-bedroom, and eight three-bedroom units. The apartments will be available to families and individuals with incomes at or below 60% of the area median income. Eight supportive housing units will be available for residents with disabilities.
The substantial rehabilitation of the units will include kitchens and countertops, bathroom fixtures, electrical fixtures, flooring, paint, and exhaust fans, as well as accessibility requirements.
Development renovations will include window, roofs and gutter replacement, exterior masonry repairs, elevator modernization, replacement of water heaters and boilers, improvements for water savings and energy efficiency, and the renovation of all common areas and corridors.
The development is located within walking distance to public transportation and shopping, with schools and health services nearby.
"We are excited to once again partner with Aaron Gornstein, Rodger Brown, and the Preservation of Affordable Housing team in the rehabilitation of Johnson and Butler-Lindon Apartments," said Jack Manning, president and CEO of Boston Capital. "Residents of this apartment community will benefit from substantial interior and exterior renovations."
The Illinois Housing Development Authority (IHDA) awarded the property 9% LIHTCs, which were syndicated by Boston Capital. The development also includes a loan from the city of Chicago, new project rental assistance from the Chicago Housing Authority (CHA), the conversion of CHA assistance for the formerly homeless into a permanent long-term contract, and new vouchers from IHDA to assist households with disabilities.
Boston Capital's investment in this development adds 106 affordable homes to its apartment portfolio. To date, Boston Capital has invested nearly 4,000 affordable apartments in Illinois.
