Landmark Chicago Property Restored as Affordable Housing with CDFI Funding
Client: The Mark Twain Apartments/The NHP Foundation
Client Location: Chicago, IL
CDFI: Chicago Community Loan Fund (CCLF)
CDFI Service Area: Chicago, Illinois
Financing
In 2014, the City of Chicago passed the Single Room Occupancy (SRO) Ordinance, incentivizing SRO building owners to sell their properties to owners who will maintain them as SROs. This ordinance allowed affordable housing provider The NHP Foundation (NHPF) to acquire and restore landmark property in Chicago’s Gold Coast, one of the city’s highest-income neighborhoods. With a $5.25 million predevelopment loan from Chicago Community Loan Fund (CCLF), and $48 million that CCLF’s loan helped leverage from other partners, NHPF was able to rehab The Mark Twain Apartments, bringing 148 units of affordable housing and street-front retail.
Renovations to the building include new private bathrooms and kitchenettes in each unit, a rooftop deck, and easier access to the property. Also, residents have access to many neighborhood amenities, such as public transportation and a full-sized grocery store across the street. The Mark Twain Apartments are now one of the largest SRO housing developments on Chicago’s Near North Side.
“CCLF’s participation in this project furthers our mission of supporting efforts that benefit low-income Chicagoans, especially in this increasingly affluent neighborhood, where displacement was a real possibility for Mark Twain residents,” said Lycrecia L. Parks, vice president of portfolio management at CCLF.
Check out CBS Chicago’s recent segment featuring the building’s ribbon-cutting ceremony with Mayor Lori Lightfoot!