title
Authorization to select Preservation of Affordable Housing (POAH) as the co-development partner for the Loomis Courts Redevelopment.
presenter
Presenter: Kemena Brooks, Chief of Staff
Recommendation
The Operating Chairman recommends that the Board of Commissioners ("Board") of the Chicago Housing Authority authorize the Operating Chairman or his designee to: 1) Provide authorization to select Preservation of Affordable Housing (POAH) as CHA's co-development partner for the Loomis Courts Redevelopment; 2) Enter into a Development Agreement for a mixed-finance development with POAH as partner for the Loomis Courts Redevelopment; and 3) Execute and deliver such other documents and perform such actions as may be necessary or appropriate to implement the foregoing.
The requested action in this item complies in all material respects with all applicable Chicago Housing Authority (CHA) Board policies and all applicable federal laws. Staff have completed all necessary due diligence to support the submission of this initiative.
Funding
This action does not commit CHA funds to the co-development partner. Following a Board action on the recommended Developer Selection, CHA's Development Department will begin pre-development activities, including detailed financial underwriting to determine the type and extent of any CHA funding that may be required to facilitate the Loomis Courts redevelopment. Those terms, including details of the proposed renovations and financing, will be brought to the Board of Commissioners for a separate action.
Background
CHA developed Loomis Courts Apartments in 1951, and the property features two seven-story multi-family buildings located at 1314 & 1342 West 15th Street in Chicago's Near West Side community area. Each building originally featured 42 one-bedroom and 21 two-bedroom units for a total of 126 units.
The units are currently under a Project-Based Rental Assistance contract and are not included in CHA's public housing port...
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