title
Authorization to extend the Housing Assistance Payments (HAP) contract at Bryn Mawr Belle Shore Apartments.
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Development
Address
Community Area
Target
Population
Bryn Mawr Belle Shore Apartments
5550 N Kenmore Avenue/1062 W Bryn Mawr Avenue
Edgewater
Family
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
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Recommendation
It is recommended that the Board of Commissioners ("Board") of the Chicago Housing Authority ("CHA") authorize the CHA's Chief Executive Officer ("CEO"), or his designee, to extend the Housing Assistance Payments ("HAP") contract, and any other documents as may be necessary or appropriate to implement the foregoing for Bryn Mawr Belle Shore Apartments.
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 Estimate Contract
A HAP contract shall be issued for the following developments utilizing funding from the Housing Choice Voucher (HCV) program:
Development
Owner/Developer
Contract
Type & Term
Total
# Units
PBV
Units
Initial Estimated Contract
Total Estimated Contract
Bryn Mawr Apartments
Standard BMBS Owner LLC
HAP
15 years
371
10
$ 147,720.00
$ 2,747,432.00
Initial contract rents are 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.
Bryn Mawr Belle Shore Apartments is a community of two historic multifamily apartment buildings located in Chicago's Edgewater community. Two blocks from parks and lakefront beaches, the former high-rise hotels were developed in the 1920's and combined feature three hundred seventy-one (371) rental units with more than 6500 square feet of retail space on the ground floor.
A fifteen (15) year Project Based Vouchers contract with Bryn Mawr Belle S...
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