title
Authorization to take actions necessary for the closing of Humboldt Village.
end
Development
Address
Community Area
Target
Population
Humboldt Village
1417 North Talman Avenue
West Town
Families
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) submit a Rental Assistance Demonstration ("RAD") application and financing plan for the property to the United States Department of Housing and Urban Development ("HUD"); 2) submit a mixed-finance development proposal for the property to HUD; 3) submit evidentiary documents to HUD; and 4) execute and deliver such other documents and perform such other actions as may be necessary or appropriate to implement the foregoing.
Property Summary and Estimated Contract
Humboldt Village, 1417 North Talman Avenue, is an adaptive reuse of a former Chicago Public School building (DeDuprey/Von Humboldt) located in the West Town community area. The development will be a four-story elevator building and include 103 affordable rental homes.
Contract Term
Total Units
RAD PBV Units
Initial Estimated Contract
Total Estimated Contract - 20 Years
RAD HAP 20 Years (with automatic renewal)
103
61
$1,143,000
$22,862,000
The requested action complies in all material respects with all applicable federal, state and local laws, and CHA policies. CHA staff has completed all necessary due diligence to support the submission of this initiative.
Funding
No CHA Capital is required.
Developer and Property Owner
The Community Builders, Inc. ("TCB") is the selected property owner and developer. TCB has completed or preserved more than 33,000 units of affordable and mixed-income housing nationally, including CHA developments such as Southbridge 1A, Southbridge 1B, and multiple phases of Oakwood Shores.
TCB is also the proposed property manager. TCB i...
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