title
Authorization for the Pomeroy Apartments General Partner to accept the assignment of Limited Partner Interest from the Investor. end
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Development
Address
Community Area
Target
Population
Pomeroy Apartments
5650 N Kenmore Ave
Chicago, IL 60660
Edgewater
Seniors
presenter
Presenter: Kemena Brooks, Chief of Staff
Recommendation
The Chief Executive Officer ("CEO") of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the CEO or his designee to: 1) accept the assignment of Limited Partnership Interest from the Investor Limited Partner, Redstone Equity Holding, LLC and Red Stone Equity Manager, LLC (collectively referred to as Red Stone) in Pomeroy Senior Housing Limited Partnership; and 2) execute and deliver such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
Property Summary
Pomeroy Apartments is located in the Edgewater community area at 5650 N Kenmore Ave. The development is a 9-story public housing building comprising 104 one-bedroom units for seniors.
The property was originally constructed in the 1920s and owned by CHA since the early 1970s. It was subsequently vacated in 2005 due to the building's deteriorating physical condition, including aging mechanical systems and the prohibitive cost of ongoing repairs. CHA rehabilitated the building, and in 2011, brought newly renovated senior units back online in the Edgewater neighborhood.
Funding
N/A
Compliance
N/A
Background and Approach
In 2011, CHA completed a gut rehabilitation of the building through a mixed-finance, 4% low-income housing tax credit transaction. The tax-exempt bond/low-income housing tax credit financing required the establishment of a single-purpose limited partnership.
CHA created Pomeroy Senior Housing Limited Partnership, whose purpose was to rehabilitate and operate Pomeroy Apartments. Pomeroy Housing Development LLC was formed to serve as the general pa...
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