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POAH Expands Chicago Footprint with 6 HUD-Financed Senior Facilities
Boston-based Preservation of Affordable Housing (POAH) is acquiring six senior housing facilities financed by HUD and previously or currently owned by YMCA Foundation entities. POAH will continue providing affordable rental housing to seniors at all 461 apartments, located on the South Side or in the nearby suburb of Harvey, IL.
The $24-million acquisition expands POAH’s footprint in Chicago, bringing to nearly 1,500 the number of apartments the nonprofit has developed or purchased here since 2008.
“With our considerable operations in Chicago and elsewhere in Illinois, these six facilities expand POAH’s commitment to property redevelopment and reinvestment, infrastructure improvements and employment services, in addition to support and investments in community institutions,” said VP Bill Eager of POAH Chicago. POAH plans to secure funding to complete capital improvements.
For its part, the YMCA will continue providing 600-plus units of affordable housing at three remaining YMCA facilities that also operate membership centers.
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