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CHA, Jonathan Rose Cos. Reach Agreement on Low-Income Complex
The Chicago Housing Authority approved a contract with New York City-based affordable housing investor Jonathan Rose Cos. to subsidize up to 160 of the 272 apartments at Barbara Jean Wright Court, a 27-building low-income housing complex on the Near West Side.
Jonathan Rose plans to take over the complex in a makeover that will include new roofs and HVAC systems and new kitchens and bathrooms in the apartments, Crain’s Chicago Business reported.
The firm would pay $1 to take over Barbara Jean Wright Court, pay off a $16-million HUD loan on the property and spend an additional $35 million, or about $130,000 per unit, on the renovation, Jonathan Rose partner Nathan Taft told Crain’s.
At a meeting Tuesday, the CHA Board of Commissioners approved a 15-year contract to provide housing vouchers for as many as 160 tenants at the property.

