Berkadia Secures $17.6M in Financing for Affordable Housing Community in Harvey, Illinois
Philadelphia, Pennsylvania – June 5, 2024 – Berkadia announced today the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, Illinois. Senior Director Brian Blanchard and Associate Director James Grande of Berkadia Affordable Housing secured the $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment on behalf of the sponsor, Preservation of Affordable Housing (POAH).
Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). The Project will consist of 120 one-bedroom units serving seniors aged 62 and above, with 114 of the units set aside for persons whose income is at or below 50 percent AMI. The remaining six units will be set aside for persons with disabilities whose income is at or below 30 percent AMI as part of IHDA’s Statewide Referral Network (“SRN”) program. The renovation will include new roofing, windows, flooring, kitchen appliances, kitchen and bathroom plumbing fixtures, intercom system, nurse call system, smoke detectors, fire extinguishers, and new paint in all residential units. To enhance energy efficiency, the renovation will include the installation of solar panels and will receive Renewable Energy Investment Tax Credits (ITC) under Section 48 of the U.S. Internal Revenue Code.
“Berkadia is thrilled to have partnered with the innovative team at POAH to provide financing for Harvey II and III,” said Blanchard. “We’re honored to play a role in the renovation and preservation that will provide energy-efficient, affordable housing to seniors and tenants with disabilities.”
POAH is a national nonprofit organization whose mission is to preserve, create and sustain affordable, healthy homes that support economic security, racial equity, and access to opportunity for all. “We’re very grateful to Berkadia for its investment in this crucial housing asset,” said Bill Eager, POAH Midwest Senior Vice President. “POAH has worked hard to develop and maintain quality affordable housing throughout the South Side and south suburbs, and this project is an exciting next step in that effort.”
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