title
Authorization to extend the Housing Assistance Payments (HAP) contract at Bryn Mawr Belle Shore Apartments.
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Development Address |
Community Area |
Target Population |
|
Bryn Mawr Belle Shore Apartments 5550 N Kenmore Avenue/1062 W Bryn Mawr Avenue |
Edgewater |
Family |
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 Chief Executive Officer (“CEO”), or his designee, to extend the Housing Assistance Payments (“HAP”) contract, and any other documents as may be necessary or appropriate to implement the foregoing for Bryn Mawr Belle Shore Apartments.
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 Estimate 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 Owner/Developer |
Contract Type & Term |
Total # Units |
PBV Units |
Initial Estimated Contract |
Total Estimated Contract |
|
Bryn Mawr Apartments Standard BMBS Owner LLC |
HAP 15 years |
371 |
10 |
$ 147,720.00 |
$ 2,747,432.00 |
Initial contract rents are 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.
Bryn Mawr Belle Shore Apartments is a community of two historic multifamily apartment buildings located in Chicago’s Edgewater community. Two blocks from parks and lakefront beaches, the former high-rise hotels were developed in the 1920’s and combined feature three hundred seventy-one (371) rental units with more than 6500 square feet of retail space on the ground floor.
A fifteen (15) year Project Based Vouchers contract with Bryn Mawr Belle Shore was executed November 1, 2011. PBVs will continue to assist ten (10) studio units with applicants coming from CHA’s waitlist. Bryn Mawr Belle Shore Apartments is an affordable, low-income housing tax credit community. Subsidies are paid for occupied units only with no CHA capital funding.
The community offers on-site laundry and exercise facilities with parking available. Units contain an electric range and refrigerator. The property owner is responsible for gas heating, gas water heating, water and sewer. Participants are responsible for lighting and other electricity.
Property Owner: Standard BMBS Owner LLC acquired the 371-unit Bryn Mawr Belle Shore Apartments in 2022 to preserve affordable housing. Since 2008, Co-founders/principals Jeffrey Jaeger and Scott Alter, have remained committed to providing clean, safe, and affordable housing across their portfolio of over 14,000 apartment homes of which over 13,000 are affordable units. Investor Member/Manager Raymond James of Multifamily Finance Inc, also has a commitment to affordable housing which dates back nearly seven decades. This is accomplished by working to cultivate collaborative, productive, and lasting partnerships with Housing Finance Authorities (HFAs) and developers.
Property Manager: Evergreen Real Estate Services, LLC (Evergreen), is a Chicago-based firm formed in 1999. Evergreen manages a diverse portfolio of 140 properties consisting of 15,693 units in thirteen (13) states and the District of Columbia. Of the thirty (30) properties in Chicago, five (5) are CHA RAD properties and one (1) is PBV for a total of 323 units.
Respectfully Submitted:
Keith Pettigrew
Chief Executive Officer