Big congratulations are in order for Mercy Housing Lakefront and their Major Jenkins Apartments development for receiving Novogradac & Company’s 2022 historic preservation award for a residential development that best exemplifies major community impact. The project, located in Chicago’s Uptown neighborhood, entailed the adaptive reuse of two former hotels into an affordable housing complex that now provides 156 units of housing to formerly homeless and/or disabled tenants. Included in the substantial renovation of the properties were refurbished residential units, redesigned and improved common area spaces, added air conditioning, and improved amenities including full Wi-Fi for the tenants. All of this rehabilitation work was done in line with historic rehabilitation standards.
Clocktower was able to assist with the Illinois Affordable Housing Tax Credit (IAHTC) equity and facilitate the transfer for Mercy, providing a valuable source of equity available for the complex rehabilitation process. We are very proud of the work of Mercy in providing terrific living situations for society’s most marginalized individuals across Chicago, and we are very pleased that Major Jenkins is receiving the national recognition that it deserves!
Clocktower is ready to help all Midwest affordable housing developers looking to preserve real estate through the use of historic and affordable housing tax credits, both with state and Federal equity. If there are any questions or similar projects seeking a tax credit equity source or a path for tax credit eligibility, please reach out to David Curtis at (978) 440-0742, or email him at DCurtis@ClocktowerTC.com.