title
Authorization to execute an agreement to enter into a Housing Assistance Payments (AHAP) Contract and a Housing Assistance Payment (HAP) Contract for UCHP Senior Lofts.
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Development
Address Community Area Target
Population UCHP Senior Lofts
1448 E 53rd Street Hyde Park Seniors
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 UCHP Senior Lofts. 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 Development 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 UCHP Senior Lofts
The Community Builders, Inc. AHAP/HAP
30 Years 51 25 $ 511,500.00 $ 24,334,825.00
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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UCHP Senior Lofts is a fifty-one (51) unit, four-story elevator building located in the Hyde Park community. The new construction, multi-use property will contain forty-five (45) one-bedroom and six (6) two-bedroom apartments for seniors. The deve...
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