title
Authorization to execute a Housing Assistance Payment (HAP) contract with A) Belden Apartments, and B) Sarah's on Sheridan.
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Development
Address
Community Area
Target
Population
Belden Apartments
754 West Belden Avenue
Lincoln Park
Supportive
Sarah's on Sheridan
1005 West Leland Avenue
Uptown
Supportive
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 an Agreement to enter into a Housing Assistance Payments (AHAP) contract, a corresponding Housing Assistance Payments (HAP) contract, and all other documents required to implement such items for a) Belden Apartments, and b) approve an additional eleven (11) Project Based Vouchers at Sarah's on Sheridan. Should Belden Apartments not secure required financing approvals, CHA's commitments will expire December 31, 2027.
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
An AHAP/HAP contract shall be issued for the following Developments utilizing funding from the Housing Choice Voucher (HCV) program:
Development Name
Owner Entity
Contract
Type & Term
Total
# Units
PBV Units
Initial Estimated Contract
Total Estimated Contract
Belden Apartments
Over the Rainbow
AHAP/HAP
15 years
30
30
$810,360.00
$15,573,987.00
Sarah's on Sheridan
Sarah's Circle
HAP
25 years
38
38
$694,032.00
$25,303,896.00
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.
Belden Apartments
is a new construction, 30-unit, 5-story elevator served residenti...
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