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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:
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|1010|$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 wi...
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