title
Authorization to extend the Housing Assistance Payments (HAP) contract with Evergreen Towers II Apartments.
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Development
Address
Community Area
Target
Population
Evergreen Towers II Apartments
1343 North Cleveland Avenue
Near North Side
Seniors
presenter
Presenter: Cheryl Burns, Chief Housing Choice Voucher Officer
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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 extend the Housing Assistance Payments (HAP) contract, and all other documents as may be necessary or appropriate to implement the foregoing for Evergreen Towers II 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 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
Evergreen Towers II Apartments
Evergreen Towers II, L.P.
HAP
10 years
101
10
$231,000.00
$3,439,164.00
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.
Evergreen Towers II Apartments is an existing one-hundred one (101) unit elevator served senior property located in Chicago's Near North Side community.
Project Based Vouchers assist ten (10) one-bedroom units. Applicants, seniors 55 and older, come from CHA's waitlist. Units contain a gas range and refrigerator. Owners are responsible for all gas utilities, including heating, water heating and cooking. Tenants are responsible for lighting and ...
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