POAH to Invest $40M in West Side Apartment Renovation
By Jasmine Kilman for connectcre
Preservation of Affordable Housing Inc. (POAH) will begin a $40 million renovation project on a West Side senior apartment building.
The 94-unit Corcoran Place Apartments at 325 and 345 N. Austin Blvd. will undergo a revamp including new kitchens and bathrooms, updated flooring, an all-electric HVAC system, upgraded plumbing and electrical systems, roof and window replacement, and extensive façade repairs.
Funding sources for the upgrades include tax-exempt bonds, Low-Income Housing Tax Credits, $15.9 million in investor equity from Hudson Housing Capital and a $5.58 million federal grant from the Green and Resilient Retrofit Program, reported the Chicago Business Journal.
POAH, a Boston-based affordable housing developer and investor, acquired the property in 2019 and is investing about $190,000 per unit. Work at the 345 building will be complete by year-end, and the 325 building will be completed in 2027. Chicago-based Berglund Construction is the general contractor for the project.