Preservation of Affordable Housing is rehabilitating the Jesse L. Jackson Jr. Senior Housing development in Harvey, Illinois. The 120-unit project is located on the site of the former Dixie Square Mall featured in “The Blues Brothers” movie.
Preservation of Affordable Housing Preservation of Affordable Housing is rehabilitating the Jesse L. Jackson Jr. Senior Housing development in Harvey, Illinois. The 120-unit project is located on the site of the former Dixie Square Mall featured in “The Blues Brothers” movie.

Key financing has been secured for the preservation of a 120-unit senior housing community in Harvey, Illinois.

Berkadia announced that it is providing $17.6 million in low-income housing tax credit equity to sponsor Preservation of Affordable Housing (POAH).

POAH will use the funds to rehabilitate Jesse L. Jackson Jr. Senior Housing, with the installation of new roofing, windows, flooring, appliances, plumbing fixtures, and safety equipment, including a nurse call system and smoke detectors.

To enhance energy efficiency, the renovation will include the installation of solar panels and will receive Renewable Energy Investment Tax Credits.

Home to residents 62 and older, the development consists of two three-story buildings constructed in 2007 and 2011. The buildings were originally separate side-by-side communities, but POAH recently combined them into a single campus after acquiring them from the YMCA of Metro Chicago in 2019.

According to officials, 114 units are set aside for persons earning no more than 50% of the area median income (AMI). The remaining six units will be set aside for persons with disabilities whose income is at or below 30% of the AMI as part of Illinois Housing Development Authority’s Statewide Referral Network program.

“We’re very grateful to Berkadia for its investment in this crucial housing asset,” said Bill Eager, Midwest senior vice president at POAH, a national nonprofit that develops and preserves affordable housing. “POAH has worked hard to develop and maintain quality affordable housing throughout the South Side and south suburbs, and this project is an exciting next step in that effort.”

Senior director Brian Blanchard and associate director James Grande of Berkadia Affordable Housing secured the housing tax credit investment.