title
Authorization to execute a Housing Assistance Payment (HAP) contract with A) Paseo 606, B) Branch of Hope, and C) Clara's Village.
end
Development
Address
Community Area
Target
Population
Paseo 606
1751-53 North Spaulding Avenue
Humboldt Park
Family
Branch of Hope
5628-30 South Halsted Street
West Englewood
Supportive
Clara's Village
2115 West 63rd Street
6355 South Wood Street
1941 West 59th Street
1901 West 59th Street
1637 West 59th Street
West Englewood
Supportive
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
end
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) Paseo 606, b) approve an additional ten (10) Project Based Vouchers at Branch of Hope, and c) Clara's Village. Should the project 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
AHAP/HAP contracts 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
?Paseo 606
?Paseo 606 Associates, LP
?AHAP/HAP
?30 years
?44
19
$370,236
$15,019,763
?Branch of Hope
?56th Street, LP
?HAP
?15 years
?100
68
$754,800
$13,053,071
?Clara's Village
?West Englewood LP
?HAP
?30 years
?52
?40
$799,200
?$ 32,422,009
Initial contract rents will be determined by marke...
Click here for full text