August 5, 2020
Preservation of Affordable Housing (POAH), a Boston-based non-profit apartment investor, acquired 247 apartments in the North Side’s Uptown and the South Side’s Bridgeport, Crain’s Chicago Business reported. The acquisition expands POAH’s local portfolio beyond 2,000 units and also marks its entry into these neighborhoods.
POAH bought four properties totaling 192 units in Uptown and one 55-unit property in Bridgeport from the Chicago Community Development Corporation, Crain’s reported.
It paid $2.4 million for the properties and assumed about $6.6 million of first mortgage debt and $27 million of public debt issued through the city and Illinois Housing Development Authority, POAH’s Bill Eager told Crain’s. The buildings include 109 units that are subsidized through the federal Section 8 program.
POAH began working on the transaction before COVID-19 swept into Chicago, Crain’s reported.
“The need for affordable housing is only going to get greater if the economy gets worse,” said Eager.
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