In January, Clocktower attended the groundbreaking ceremony for the rehabilitation of the former Ravenswood Hospital in Chicago. The project entails the adaptive reuse of the abandoned hospital to create 193 units of affordable housing for senior tenants. The site will have apartments focused on independent living and assisted living under the Illinois Supportive Housing program, which will each have their own entrances and communal spaces.
“This important project is a rare opportunity to bring much-needed affordable senior housing to Chicago’s North Side while establishing a viable financing model that can be applied to future senior developments across the country, especially as the population continues to age,” Jeff Rappin, the chairman of Evergreen, said at the ceremony. Clocktower Tax Credits facilitated the sale of the project’s state Donation Tax Credit through our buyer at the financial closing, providing a key source of financing available for the upcoming construction phase.
Clocktower is busy in Illinois with the Donation Tax Credit program, having facilitating dozens of transfers for the Illinois affordable housing community. Clocktower’s expertise in the quirks of the program and closing/transfer process has allowed us to serve Donation Tax Credits of any size and availability, along with the new Historic and River’s Edge programs. For developers with any prospective opportunities seeking Illinois tax credit equity of any kind, please contact David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.
