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.