CHICAGO (WBBM NEWSRADIO) - The fight to keep housing affordable in the community near the Obama Center is marking a victory today.
Bill Eager, senior vice president of Preservation Of Affordable Housing (POAH), said his organization was able to put together a deal to buy the Island Terrace Apartments in Woodlawn instead of big developers. Assistance from the State and City enabled the POAH to buy the building.
“We bought it two years ago in 2021, and we’ve been working on a refinancing deal since then that would allow us to recapitalize the property, make significant physical improvements but also to expand and extend the affordability of the property,” Eager said.
As of today, plans are underway for a total renovation, including the building's mechanical systems and the 240 apartments which will almost all be affordable.
“Over the next 18 to 24 months, all of the building’s major systems will be replaced and or overhauled,” Eager said. “All the plumbing, new electrical, new roof, new windows and new HVAC system and all that sort of stuff will be done. In addition, we will be going into all of the apartments and doing kitchen and bathroom and flooring upgrades.”
Eager said during the rehab, in stages, current tenants will be moved to other housing in the area for a bit and then moved back into their own units.
“When we’re done, it will be almost 100% affordable property, fully-rehabbed and should really set it up for the next 30, 40 years,” said Eager.
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