CHA Board approves funding for next phases at Oakwood Shores, Park Boulevard totaling 131 new units
Office of Communications – Chicago Housing Authority
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CHICAGO (May 18, 2021) – The CHA Board of Commissioners today approved funding for the next phase of two major mixed-finance developments: Oakwood Shores Phase 3-1 and Park Boulevard Phase 3B, both in the Douglas neighborhood. The new phases will add an additional 131 mixed-income units, including 55 CHA units. Investment in these developments will expand and preserve affordable housing, provide long-term affordability and drive economic growth on Chicago’s south side.
“CHA is committed to supporting strong, vibrant communities throughout Chicago. These new developments will help us ensure that more families have access to high-quality affordable housing that is accessible to public transportation and other amenities,” said CHA CEO Tracey Scott.
The finance closing and construction start for both projects are projected for 4th Quarter 2021.
Oakwood Shores Phase 3-1
Phase 3-1 of Oakwood Shores is located at 616 E. Pershing and 552 E. 38th Street. Today’s action by the CHA Board will allow for the creation of two, three-story mixed-income rental buildings, including 19 CHA Rental Assistance Demonstration (RAD) project-based voucher (PBV) units, 15 affordable, and 17 market rate units.
The CHA Board approved a construction loan of up to $6.175 million as well as an Illinois Affordable Tax Credit Equity loan and long-term rental subsidy through the RAD PBVs.
Oakwood Shores Phase 3-1 is the eighth rental phase of the revitalization of the vacant CHA land that was formerly part of Ida B. Wells, Darrow Homes, Wells Extension and Madden Park Homes public housing developments. Over the last 15 years, CHA has worked in collaboration with the developer to build 863 mixed-income housing units (with an additional 53 units under construction at 508 Pershing) in the new Oakwood Shores development. Oakwood Boulevard Associates LLC is the developer for the project.
Park Boulevard 3B is a mixed-income 80-unit new construction development with two, five-story elevator buildings located between 36th Street (north), Dearborn Street (east), 37th Street (south) and Federal Street (west.) The primarily one-and two-bedroom unit mix will include 36 CHA RAD PBV units, 32 affordable and 12 market rate units.
The CHA Board approved a construction loan of up to $15 million as well as an Illinois Affordable Tax Credit Equity and long-term rental subsidy through the RAD PBVs.
The proposed development occupies the central portion of the former Stateway Gardens site and is the fifth rental phase at the location. Over the last 15 years, CHA has worked in collaboration with the developer to build 475 mixed-income housing units at the site. The Park Boulevard 3B developer is Stateway Associates 3B LLC.
Property Management Contracts
Also Tuesday, the CHA Board approved moving forward with contracts for private property management (PPM) services at CHA properties. Under the new contracts, four property management companies will oversee public housing, rental assistance demonstration and tax credit properties within CHA’s portfolio. These are: The Habitat Company LLC, East Lake Management Group, Inc., Hispanic Housing Development Corporation, and Manage Chicago, Inc.
CHA relies on private property managers for a variety of matters, including rent collection, building operations and maintenance, upkeep of the properties and grounds, and continued regular communication with residents. PPMs are required to follow CHA guidelines regarding procurement, including MBE/WBE/DBE and Section 3 requirements.
The contract awards follow a competitive bidding process that began when CHA issued a Request for Proposals (RFP) for PPM services in late 2020. The approved awards are for a three-year base term with two one-year options. CHA is expected to realize a projected total savings of nearly $5.7 million with these contracts.
ABOUT THE CHICAGO HOUSING AUTHORITY (CHA)
The CHA’s vision is to foster strong, vibrant communities throughout Chicago by increasing affordable housing choices for low-income families. The CHA is also the largest rental housing owner in the City of Chicago. It serves more than 133,000 people in 63,000 households across the city through our Public Housing, Housing Choice Voucher, and Project-Based Voucher programs. For more information, visit www.thecha.org.