Miriam Apartments, developed by Mercy Housing Lakefront, has won a national award in the Preservation category by Affordable Housing Finance magazine. The project entailed the adaptive reuse of the historic Miriam building, which was a blighted structure in the Uptown neighborhood of Chicago.
The development team, including Mercy and Landon Bone Baker Architects, transformed the building to produce 66 studio apartment units for low-income Uptown residents, including transitioning the layout of communal kitchens and bathrooms to accommodate private ones for each resident. The project also added community-wide amenities for all residents on the ground floor, and installed air conditioning in the building for the first time in its history, all while preserving its historic character. New tenants, who were formerly homeless, have begun to move into the building since its placement into service in early 2020, providing a necessary living environment for many local at-risk members of the community.
Clocktower Tax Credits helped monetize the project’s award of Illinois Affordable Housing Tax Credits through a Fortune 1000 corporate purchaser and donor, providing the project with a vital source of funds available for the construction and operations of the building.
Clocktower continues to have ample state tax credit demand for our developer clients, along with experience and expertise in transactions for programs in Illinois and across the greater Midwest. For any questions on Midwest state affordable housing tax credit programs, please contact David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.
