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POAH Moves to Preserve Affordable Rentals Near Future Obama Center

Preservation of Affordable Housing (POAH) will pay about $65 million to acquire and renovate Island Terrace Apartments, a 240-unit property at 6430 S. Stony Island Ave. in Woodlawn, about four blocks south of the future Obama Presidential Center. 

Crain’s Chicago Business reported that POAH plans to keep rents at some Island Terrace apartments affordable to households earning as little as 30% of the area median income, or $27,950 for a family of four.

Island Terrace is “an important acquisition for us because it’s a way to extend housing options in a neighborhood where people are concerned about displacement and the potential effects of gentrification,” said Bill Eager, SVP of real estate development for the Midwest at Boston-based POAH.

POAH aims to complete the acquisition on June 23, a few months ahead of the planned groundbreaking for the $500-million OPC project, Crain’s reported.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).