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Authorization for the Surf 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
Britton Budd Apartments
501 West Surf Street
Chicago, IL 60657
Lakeview
Seniors
presenter
Presenter: Lee Pratter, Deputy Chief Development
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Recommendation
The Operating Chairman of the Chicago Housing Authority ("CHA") recommends that the CHA Board of Commissioners ("Board") authorize the Operating Chairman 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 Red Stone) in Surf 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
Britton Budd Apartments (also known as Surf Apartments) is located in the Lakeview community area at 501 W Surf Street. The development is an 11-story public housing building comprised of 173 total units, studios and one-bedrooms for seniors.
Britton Budd was constructed in 1917, acquired by the Authority in the 1950s and has been designated as a contributing element to the Surf-Pine Grove District, which is designated by the City Council as a Chicago Landmark District.
Funding
N/A
Compliance
N/A
Background and Approach
In 2008, CHA completed a gut rehabilitation of the 91-year-old building through a mixed finance, 4% low-income housing tax credit transaction. The tax-exempt bond/low-income housing tax credit financing required that a single-purpose limited partnership be established.
CHA created Surf Senior Housing Limited Partnership, whose purpose was to rehabilitate and operate Britton Budd Apartments. Surf Housing Development LLC was formed to serve as the general partner of the limited partnership. The CHA is the only member of the general p...
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