title
Authorization to execute a Housing Assistance Payments contract with a) Leland Apartments and b) 5853 N Broadway Apartments.
end
Development
Address
Community
Area
Target
Population
Leland Apartments
1201-07 West Leland Avenue
Uptown
Supportive
5853 N Broadway Apartments
5853 North Broadway Avenue
Edgewater
Family
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
end
Recommendation
It is recommended that the Board of Commissioners of the Chicago Housing Authority (CHA) authorize the CHA's Interim Chief Executive Officer, or her 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) Leland Apartments and b) 5853 N Broadway Apartments. CHA's commitment of Project Based Vouchers will expire December 31, 2026, should any project not secure financing approvals.
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
Leland Apartments
MHL 7 Leland LP
AHAP
HAP
30 years
107
44 PBV
22 VASH
$925,848
$37,559,875
5853 N Broadway Apartments
5853 Broadway LP
AHAP
HAP
30 years
90
23
$618,048
$25,073,020
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.
LELAND APARTMENTS
is an existing 137-unit, 6-story, elevator-served residential property constructed in 1...
Click here for full text