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Ribbon-Cutting Opens Rehabbed Lincoln Park Apartments
The NHP Foundation (NHPF) recently celebrated the re-opening of The Covent Apartments, 30 affordable studio apartments developed from the Covent Hotel, an SRO in the Lincoln Park neighborhood of Chicago.
The ribbon-cutting ceremony included developers and city officials from the Chicago Housing Authority. This is NHPF’s second SRO deal in Chicago, with a total development cost of $21.6 million, which includes $7.9 million in federal Low-Income Housing Tax Credits (LIHTC) and Historic Tax Credits, $5 million of City Home and Affordable Housing Opportunity Funds, $3.1 million in IHDA Permanent Supportive Housing Funds and $4.9 million of a HUD/FHA 220 loan.
The project also received a $698,910 Affordable Housing Program General Fund grant from FHLBank Chicago. Linn-Mathes is the general contractor for construction, and the architect is Weese Langley Weese. The 100 percent affordable development also features three retail spaces comprising 4,700 square feet.
