Congratulations are due for Mercy Housing
Lakefront for their development of the Carlton Terrace Apartments in Chicago. The project received mention in the 2023 Novogradac Historic Rehabilitation Awards as a historic tax credit development that best exemplifies major community impact. The rehabilitation comprised the adaptive reuse of the former Carlton Terrace Hotel, which had been vacant and was transformed by Mercy into 68 units of permanent supportive housing. The project now is a valuable resource for those who need it most in the North Side neighborhood of Uptown.
This continues Mercy’s success preserving historic building stock for affordable housing across Chicago. Mercy was also the recipient of a Novogradac Historic Tax Credit award in 2022 for its Major Jenkins Apartments, the rehabilitation of two adjacent buildings into 156 units of housing for survivors of homelessness, also in the Uptown neighborhood. Clocktower sourced the Illinois Affordable Housing Tax Credit equity for both projects, providing crucial funding to support the construction process. We congratulate the entire Mercy Housing Lakefront team for creating impactful developments without compromising the historic character of the buildings!
Clocktower is ready to help all Illinois developers looking to preserve historic building stock while creating affordable housing in the space, using both Low-Income Housing and Historic Rehabilitation Tax Credits to provide much-needed funding sources. 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.