title
Authorization to execute a Housing Assistance Payment (HAP) contract with A) The Suites of Autumn Green at Wright Campus.
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Development Address |
Community Area |
Target Population |
|
The Suites of Autumn Green at Wright Campus 4255 North Oak Park Avenue |
Dunning |
Seniors |
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
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Recommendation
It is recommended that the Board of Commissioners (“Board”) of the Chicago Housing Authority (“CHA”) authorize the CHA’s Operating Chairman, or his designee, to execute Housing Assistance Payments (HAP) contract, and all other documents required to implement such items for A) The Suites of Autumn Green at Wright Campus.
The requested action complies in all material respects with applicable CHA Board policies and all applicable federal laws. Staff have completed all necessary due diligence to support the submission of this initiative.
Property Summary and Estimated Contract
A HAP contract shall be issued for the following Developments utilizing funding from the Housing Choice Voucher (HCV) program:
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Development Name Owner Entity |
Contract Type & Term |
Total # Units |
PBV Units |
Initial Estimated Contract |
Total Estimated Contract |
|
The Suites of Autumn Green at Wright Campus Senior Suites Chicago Wright Campus, LLC |
HAP 10 years |
36 |
8 |
$128,880.00 |
$3,879,377.00 |
Initial contract rents will be determined by market comparables and fair market rents applicable at the time the HAP contract is executed. All rent determinations will comply with federal regulations and CHA policy.
The Suites of Autumn Green at Wright Campus
are a thirty-six (36) unit, four (4)-story elevator building that was placed in service in 2011. There are a total of twelve (12) one-bedroom and twenty-four (24) 2-bedroom units. Five (5) units are accessible, four (4) adaptable and six (6) are sensory. Project Based Vouchers (PBV) will continue to assist the eight (8) senior units: six (6) 1-bedroom, two (2) 2-bedroom. Applicants will come from CHA’s waitlist.
Units contain a gas range stove and refrigerator. All utilities are provided by the building, including electricity. Services available to participants include weekly transportation to grocery store, planned social activities and programs, emergency pull cord system, and daily electronic check-in service. Available to tenants are a community room, front desk security coverage, surface parking and on-site property management.
The Suites of Autumn Green at Wright Campus was Board approved for eight (8) units on December 9, 2009. A 15-year Housing Assistance Payments (HAP) contract was executed February 1, 2011.
The PBV application will extend the existing PBV Housing Assistance Payment contract for ten (10) years. All eight (8) PBV units substantially comply with Housing Quality Standards (HQS) inspection requirements.
Property Owner: Senior Suites Chicago Wright Campus, LLC, an Illinois limited liability company, has offered high-quality living apartment homes with specially designed amenities for older adults in many Chicago neighborhoods. The Members are:
Managing Member: Senior Suites Chicago Wright Campus, JV LLC, an Illinois limited liability company, owned by both TRP Senior Housing Development Corporation, NFP, an Illinois not-for-profit, which is wholly owned by the Resurrection Project, and Senior Suites Chicago Corporation, an Illinois corporation, as Manager of the Managing Member. Ownership is shared by William B. Kaplan (60%), James B. Klutznick (30%), Israey Levy (through Israel Levy Revocable Trust dated September 6, 2003 (9%) and Cindy Levy (through Israel Levy Revocable Trust dated September 6, 2003 (1%).
The Managing Member, Senior Suites Chicago Corporation, incorporated in 1993, is majority owned by William B. Kaplan and James B. Klutznick who, since 1985, have grown the Senior Lifestyle portfolio to more than eighty-four (84) senior housing communities supporting independent living, assisted living, memory care, and affordable housing developments throughout twenty (20) states. Mr. Kaplan continues to serve as Co-Founder and Chairman.
Investor Member: BCP/SS Wright Campus, LLC, as tax credit syndicator.
Special Member: BCCC, Inc., a special member entity performing asset management for the tax credit syndicator.
Manager: Senior Lifestyle has thirty-five (35) years in helping seniors live vibrant and healthy lifestyles with ease. Senior Lifestyle manages independent, assisted, memory care and affordable housing for seniors.
Respectfully Submitted:
______________________
Matthew Brewer
Operating Chairman