Partners in a Chicago housing development have taken steps to ensure the property’s long-term affordability.
In agreement with Drexel Neighborhood Development Corp., a nonprofit affiliate of Heartland Housing, Hunt Capital Partners announced that it is transferring ownership of the 39-unit Jazz on the Boulevard development to Heartland Housing.
The brownstone townhouse-style development is on a 4.4-acre site in the historic Bronzeville neighborhood, historically known as the city’s “Black Metropolis.” It’s one of the first products of Chicago’s Plan for Transformation, the city’s historic plan to rehabilitate or replace its entire stock of public housing, according to officials.
“We are proud to work with Heartland Housing and to transfer the ownership of Jazz on the Boulevard to such a worthy organization who will ensure that Jazz on the Boulevard continues to serve as an important affordable housing option for families for years to come," said Jeff Weiss, president of Hunt Capital Partners, the tax credit syndication division of Hunt Cos. “We are pleased to know that Jazz on the Boulevard will continue to serve as a catalyst in fostering nearby community development while also preserving the neighborhood’s historically significant culture.”
The transfer of ownership followed shortly after the end of the development’s initial 15-year compliance period. The initial construction costs totaling $7.8 million received funding through Chicago Housing Authority capital, Illinois Housing Development Authority trust funds, HOME Investment Partnerships Program grants, and 9% low-income housing tax credit equity financing.