NEW CONSTRUCTION

Harvest Homes Apartments

NHPF partnered with People’s Community Development Association of Chicago, Inc., a community-based not-for-profit organization, as co-general partners and co-developers on the construction of 36 new 100% affordable family units in Chicago’s East Garfield Park neighborhood. The project is the largest new residential construction in the neighborhood in the last 15 years. The location is one half block from Garfield Park and close to the well known Garfield Park Conservatory.

 

The property is just north of the Eisenhower Expressway (Interstate 290), connecting residents with job centers in the western suburbs and Downtown Chicago. It is just five miles from Chicago’s Loop, with excellent east/west and north/south bus service within two blocks. The Illinois Medical District, another important job generator, is just 2.5 miles east of Harvest Homes. A stop for the Chicago “L”s blue line that provides service to the Loop and O’Hare Airport is a about a 15 minute walk from Harvest Homes.


Harvest Homes went through the City's Planned Unit Development process as some of the buildings sit on lots that had been zoned for commercial use. As a redevelopment of sites that had once been fully developed, and later razed, the project involved extensive environmental remediation and going through the state environmental protection agency’s process for obtaining a No Further Remediation Letter.



TOTAL COST
$ 14,400,000

DESCRIPTION
The complex is composed of four buildings, including two-, three-, and four-bedroom units. With the majority of its units having three or four bedrooms, Harvest Homes is an ideal residential property for working families.

PERMANENT FINANCING
$ 11,914,000City of Chicago allocated Federal Low Income Housing Tax Credits Syndicated by Enterprise Community Investments, Inc.
$ 1,039,544City of Chicago Tax Increment Financing
$ 600,000 Permanent Loan provided by JP Morgan Chase
$ 366,806 Deferred Developer Fee
$ 184,250 State of Illinois Donation Tax Credit Proceeds (US Bank National Association was purchaser)
$ 149,400 State of Illinois Department of Commerce and Economic Opportunity Energy Grants
$ 146,000 City of Chicago 28th Ward Infrastructure Grant

 

OTHER FINANCING

$ 9,000,000 Construction Loan provided by JP Morgan Chase
$ 355,000 Predevelopment Loan provided by Chicago Community Loan Fund

 





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NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 85 properties, totaling 14,931 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 44 properties, totaling 4,773 apartment units, in 15 states and the District of Columbia.