Seniors Housing N Illinois

POAH acquires Chicago-area YMCA senior housing properties

POAH acquires Chicago-area YMCA senior housing properties,ph1
The 101-unit South Chicago Elderly Housing facility at 3039 E. 91st Street in Chicago.

Preservation of Affordable Housing (POAH) is acquiring six senior housing facilities financed by HUD and currently owned by YMCA Foundation entities. POAH will continue providing affordable rental housing to seniors at all 461 apartments, which were previously managed by the YMCA of Metropolitan Chicago. As the new owner, POAH will honor existing leases for current residents in all six buildings.

POAH, a nonprofit organization that manages, creates and restores affordable housing, will purchase these facilities with the commitment to continue to provide affordable housing for years to come. POAH plans in the coming years to secure financing to complete capital improvements that will extend the life of these buildings and enhance residents’ comfort and experience.

This preservation-focused sale will allow the YMCA, meanwhile, to increase focus on its core mission of youth development and member services at centers, camps and other community locations throughout the region. The YMCA will continue to provide over 600 units of affordable housing at three remaining YMCA facilities that also operate membership centers.

“We are pleased to build upon the YMCA’s proud history of providing affordable HUD housing for seniors,” said Bill Eager, vice president, POAH Chicago. “With our considerable operations in Chicago and elsewhere in Illinois, these six facilities expand POAH’s commitment to property redevelopment and reinvestment, infrastructure improvements and employment services in addition to support and investments in community institutions.”

The acquisition expands POAH’s footprint in Chicago into three new communities plus the suburb of Harvey and brings to nearly 1,500 the number of apartments the nonprofit has developed or purchased here since 2008. Bolstered by a $30 million HUD Choice Neighborhood Initiative grant in 2011, POAH has built and renovated mixed-income, mixed-use communities, created new levels of community collaboration and coordinated partner-driven development.

A key example of this approach is POAH’s collaboration with Claretian Associates to preserve the newly-acquired 101 units of housing at the South Chicago Elderly housing at 3039 E. 91st Street. POAH and Claretian will co-own the South Chicago property. Claretian, a nonprofit housing developer and community services provider based in South Chicago, will provide direct services to tenants and move some of its operations into the building and assist POAH in fortifying the health of the South Chicago facility tenants through the incorporation of wellness services.

The YMCA Foundation elderly housing properties that POAH is acquiring are: South Chicago Elderly Housing (101 units), 3039 E. 91st Street, Chicago; South Suburban Elderly Housing (120 units), 178 E. 155th Street, Harvey; Greater Roseland Elderly Housing (60 units), 19 E. 110th Place, Chicago; Washington Park Elderly Housing (60 units), 5040 S. Indiana Avenue, Chicago; Harvey II Elderly Housing (60 units), 166 W. 151st Street, Harvey and Harvey III Elderly Housing (60 units), 174 W. 151st Street, Harvey.

The transfer of ownership to POAH of the South Chicago Elderly Housing and South Suburban Elderly Housing facilities has already occurred. The transfer to POAH of the other four facilities is expected to take place before the end of April 2019, subject to HUD approval.