title
Authorization to execute an agreement to enter into a Housing Assistance Payments (AHAP) Contract and a Housing Assistance Payment (HAP) Contract for The Regenerator.
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Development
Address Community Area Target
Population The Regenerator
6206 S. Racine West Englewood Supportive
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
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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 negotiate and 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 The Regenerator. Should the project not secure required financing approvals, CHA’s commitments will expire December 31, 2027.
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.
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 Regenerator
The Regenerator, LLC
AHAP/HAP
15 Years 48 48 $ 872,928.00 $ 16,235,513.00 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.
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The Regenerator is a forty-eight (48) unit, proposed adaptive reuse/new construction development located in the West Englewood community. The four-story elevator served building is an adaptive reuse of the former Woods Elementary School with the addition of...
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